August-backed FSP acquires 14th bolt-on

The deal, which was financed using an acquisition facility provided by HSBC, comes after the business acquired Paul Capper, Roger A J Drury and Roy Quinton Funeral Directors earlier in the summer.

Wilton, which possesses synergies with its existing operations of AV Ridout Funeral Directors and Diamonds, is expected to enhance FSP's market presence in Hampshire.

Partner Aatif Hasson led the transaction on behalf of August Equity and represents the investor on FSP's board alongside Philip Rattle, while financial due diligence was conducted by Robert Davey at Bishop Fleming.

August committed £23m to finance the buy-and-build of FSP in September 2009. Management, led by CEO Phillip Greenfield, also invested for a stake in the business, while HSBC provided the debt. The private equity firm was interested in FSP because of its belief that the funeral care sector is a stable yet highly fragmented market.

FSP is a consolidator of funeral care providers, based in Redditch, West Midlands. It was founded in 2007.

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• August Equity LLP
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