August Equity exits Funeral Services Partnership

August Equity LLP has completed the sale of Funeral Services Partnership to Montagu Private Equity. Financial terms weren’t announced. Funeral Services, of the U.K., is a funeral services provider with over 100 branches.

PRESS RELEASE

August Equity LLP (“August Equity”) has completed the sale of Funeral Services Partnership (“FSP”) to

Montagu Private Equity for an undisclosed amount.

August Equity originally acquired FSP in September 2009 as part of a buy-and-build strategy to create the

third largest funeral services provider in the UK. The group has been hugely successful in attracting high

quality independent businesses with over 100 branches joining since the initial investment, including 47

acquired last year from LM Funerals. FSP has grown from 24 branches to 131 today and has increased its

profitability six-fold.

August Equity Managing Partner, Philip Rattle, said: “FSP has been an excellent investment for our investors

and is a great example of our ability to creatively build market-leading businesses of scale in fragmented

markets. The success of the business is testament to the dedication of the management team and staff who

have done an exemplary job of developing the group’s culture of quality and customer service. FSP remains

well placed to continue its organic and acquisitive growth strategy and we wish the team well with their

future plans.”

FSP Chief Executive, Phillip Greenfield, added: “FSP has grown from strength to strength under August

Equity and we are very grateful for their support over the years. The team at FSP remains committed to

ensuring our clients receive the best quality care and we look forward to the next phase of the growth for

the business under new ownership.”