In a press release from Foundation Partners Group (FPG) that is dated December 31, 2019, but not known by us until January 2, 2020, we have learned that the company has made an acquisition in Tucson, Arizona which includes the Adair Funeral Homes and Desert Sunset Funeral Home of that area.
You can read the press release from FPG here.
The press release states that the Adair Funeral Homes were founded in 1956 and at this time the third generation of the Adair family has been active in the business.
Again, according to the press release, this acquisition will expand the number of death care related rooftops in the Tucson area for Foundation Partners Group to six. To our knowledge this is the 3rd acquisition within 12 months for FPG in the Tucson market.
- Here is a Funeral Director Daily story about FPG’s acquisition of Angel Valley Funeral Home and Old Pueblo Crematory in January 2019
- Here is a Funeral Director Daily story about FPG’s acquisition of OASIS Cremation and Funeral Care in November 2019
Funeral Director Daily take: As of 2017, Arizona had a cremation rate of 68% and Tucson is America’s 53rd most populated area with a 2018 estimate of 1.039 million people and a 6.0% decadal growth rate. In other words, the acquisitions fit right into what we would describe as the “Foundation Partners Group” wheelhouse — high cremation rates and growth.
We would argue that 6.0% decadal growth rate is moderate, but when coupled with a high cremation rate you have the opportunity for FPG to add numbers to its cremation centric base and bring economies of scale to its existing operations in the Tucson area.