Pamplona-backed OGF acquires funeral service Serenium

Alice Tchernookova
26 April 2016

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French funeral services group OGF, backed by Pamplona Capital and Ontario Teachers' Pension Plan, has struck a deal to acquire competitor Serenium.

The transaction, the value of which is yet to be disclosed, is due to take place before the end of May.

OGF will wholly acquire the company, allowing all current shareholders to sell their stakes. These include founders Philippe Ortiz and Jean-Charles Florac, and previous investors Raise Investissement and BNP Paribas Developpement. BPI France, which had committed €2m in 2013 via its OC+ fund, is also exiting the company.

The buyout will allow OGF, which reported a €550m turnover in its most recent financial year, to increase its footprint in the French funerary market. It comes just two months after the acquisition of Atrium, Saur's funerary subsidiary.

The Serenium acquisition will add 500 business partners and 100 branches in France to the group, which will strengthen its presence in the Grand-Ouest region.

The group is backed by Pamplona, which acquired Astorg's majority stake in OGF in a €900m deal in July 2013. In September last year, Pamplona sold a 30% stake in the company to Canadian pension fund Teachers'.

Company
Founded in 2006 by Philippe Ortiz and Jean-Charles Florac, Serenium currently manages 110 branches with 500 collaborators, and owns two crematoriums. According to OGF, Serenium is currently the third largest French funeral services provider with a turnover in excess of €45m in 2015.

Its geographical area of focus is France's Pays de la Loire, Brittany and Normandy regions.

People
OGF – Philippe Lerouge (CEO).
Serenium – Philippe Ortiz (chair).

Advisers
Acquirer – Oddo Seydler Corporate Finance (corporate finance); Taj (legal).
Vendor – Alexandre Daniel-Thézard (financial due diligence).