Fifth bolt-on in 2010 for Sovereign-backed LM Funerals

At the beginning of 2010 LM Funerals acquired two separate funeral directors, CS Bowyer and KY Green, based in Wiltshire and Buckinghamshire respectively. This was followed in June with the acquisitions of two further businesses, Salisbury-based Chris White Funeral Directors and Pomphrey and Mercer Funeral Directors, which operates in and around Hastings.

Sovereign set up LM to acquire Laurel Management for £21m in 2003 from Aberdeen Murray Johnstone Private Equity and 3i Group as part of a secondary buyout. This latest acquisition was funded by Sovereign's original equity investment (which allowed for subsequent buy-and-build operations) as well as acquisition finance provided by Royal Bank of Scotland.

Based in Lichfield, Staffordshire, FMJW is a funeral services company that has been operating for over 200 years. Sovereign believes there is room for further expansion in the fragmented funeral services market, and is looking at a strong pipeline for additional bolt-ons in 2011.

 

 

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