Foundation Partners Group acquired eight funeral service businesses with 25 locations during the past year, growing its footprint in three states with existing locations and expanding to two new markets – Kentucky and New Mexico.
In a market estimated to reach USD28.7 billion this year, the cremation rate in the US reached an all-time high of 54.6 per cent in 2020. A Cremation Association of North America (CANA) study, reported a dramatic increase in the average annual cremation growth rate – from 1.5 per cent for the last decade to an average of 2.74 per cent during the height of the pandemic.
Tom Kominsky, Foundation Partners Group chief financial officer, leads the company’s M&A growth initiatives.
A key to the company’s growth has been its ability to leverage the knowledge and expertise of former owners. A large number of former owners stay on, continuing to manage and expand their businesses with Foundation Partners’ support. Others have become important members of the company’s leadership team.
Read more at: Private Equity Wire
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