Published: Sep 20, 2009
Focus: Growth Capital
Maven Capital Partners has completed a successful exit from Funeral Services Partnership Limited (FSP) via a secondary buy-out backed by August Equity
Maven generated a return in excess of 1.6x the original cost of the investment with a 21% IRR, and in addition retains an investment in the Newco formed to make the acquisition. Andrew Ferguson and Mike Collis led the exit on behalf of Maven.
Maven originally led an investment in FSP in March 2007 when the business was founded, backing the management team, led by Phillip Greenfield, in a consolidation strategy to build up a major independent funeral services business. Maven later appointed Graham Hodson as Chairman, Graham is a former CEO of Laurel Funeral Services, a former Maven investee company.
Andrew Ferguson, Maven Partner for the Midlands and South East, said: “We have enjoyed working alongside the team at FSP since our original investment in 2007, and are delighted with the return for Maven clients. Phillip and his team have built a strong business, with a significant market share, in a relatively short period of time, and whilst this transaction allows us to realise a significant return, it also allows the FSP management team to continue their acquisition growth strategy.”