One of Britain’s largest funeral companies, LM Funerals, has been sold for £37.5 million to a consortium of private equity investors led by Duke Street Capital, The Telegraph recently reported.
The Duke Street consortium has acquired LM Funerals from Sovereign Capital Europe, which bought LM Funerals in 2003, growing the company from 29 to 65 sites. This latest sale to Duke Street, which is a buy-out firm focussed on investing in small companies, aims to continue with Sovereign’s “strategy of consolidation”.
“LM Funerals is the third largest funeral company in Britain, with more than 60 branches – mainly in the Midlands and the south-east of England,” said The Telegraph. Duke Street commented: “With more than 60 per cent of the £1.5bn funeral services market run by 2,500 independent operators, there is still significant room for further consolidation. Sovereign installed Deborah Kemp as chief executive of LM funerals in 2010 and she will continue to run the business under Duke Street’s ownership.”