Epiris announces the acquisition of Pure Cremation
Epiris today announces that Epiris Fund III, advised by Epiris LLP, has agreed to acquire Pure Cremation, the leading provider of prepaid funeral plans in the UK. The transaction is subject to regulatory approval and is expected to complete before the end of this year, at which point it will be Fund III’s third investment. Financial terms are not being disclosed.
Pure is the leading provider of prepaid funeral plans in the UK, allowing people to plan and pay for their own end-of-life arrangements and thus relieve their families of the stress and expense of doing so. Pure is also a pioneer of the market for direct cremations, which are simple, unattended cremations without a contemporaneous funeral service and thus a low-cost alternative to a traditional funeral allowing a deceased person’s family and friends to mark their loss at a time and place of their choosing. Pure operates a state-of-the-art crematorium (the busiest in the UK) near Andover, Hampshire from which it serves the whole UK.
Epiris has been working with industry veteran Dean Lamble, formerly CEO of SunLife Insurance, who will join Pure as its Group Chief Executive and will work with the incumbent team led by COO Mark Seastron and CFO Rob Murphy.
Owen Wilson, Partner at Epiris, said:
“Pure is a real innovator. It is built on a determination to offer a simple, respectful alternative to a traditional funeral and so operates to the very highest standards with great care taken at every stage of the process. The opportunity now for us is to take Pure to the next level in terms of scale and growth by bringing new experience and expertise into the business; we are excited to have partnered with Dean on this transaction and are looking forward to working with him and the Pure team to do just that.”
Alex Fortescue, Managing Partner at Epiris, said:
“We are delighted to announce this third investment for Fund III. Like those that have come before it, this ticks all the boxes for Epiris: it is an investment in a fundamentally strong business with a good position in an attractive market, to which we can bring the transformative power of fresh perspective and new skills.”
Dean Lamble said:
"The direct cremation and pre-paid funeral market is undergoing a rapid transformation. Customers are favouring lower cost funeral options with their wishes clearly made known. Pure Cremation's exceptional customer focus means it is well placed to win in this market. I am delighted to partner with Epiris to invest in the next chapter of Pure's growth in this exciting market."
The Epiris team on the Pure investment is Owen Wilson, Bill Priestley, Thayne Forbes and Nikki Lahiri. Epiris is advised by Mayer Brown, PwC, CIL, Palladium, Capstone, Endava and RPS. Management is advised by RPC.
For Epiris LLP please contact:
Daniel Oliver, Peter Hewer, Alexander Pepperell
+44 (0)20 7952 2000
Epiris is a top-decile* private equity firm which invests in opportunities to transform businesses in partnership with exceptional management teams. It targets control positions in UK-headquartered businesses with an enterprise value of between £75 million and £500 million, deploying between £40 million and £150 million of equity.
Epiris’ current investments include LoneStar, a supplier of high-performance fasteners to the world’s energy markets; Delinian, a global B2B information services business; Sepura, a leading global provider of digital radio systems for mission-critical applications; Inchcape Shipping Services, one of the world’s largest maritime services providers; Appello, a leading technology-enabled care provider; Stuart Turner, a producer of pumps and water-boosting products for residential and commercial uses; Sharps, the UK’s leading supplier of bespoke fitted bedroom furniture; The Big Table, a leading UK restaurant operator; Nucleus, an investment platform; Diamorph, a supplier of advanced material solutions for demanding and safety-critical applications; Bonhams, the global auction house; The Club Company, the UK’s largest country club operator; and Portals, one of the world’s leading manufacturers of document security features.
For further information, please visit www.epiris.co.uk.
Issued by Epiris which is authorised and regulated by the Financial Conduct Authority.
*As at 31 March 2023. Comparator data supplied by Preqin. Past performance is no guarantee of future results.