Foundation Partners Group adds 18 locations
Tom Kominsky, Chief Financial Officer at death care consolidator and operator Foundation Partners Group made this comment last week, “2022 marks a record year for deal velocity as more and more funeral business owners are choosing Foundation Partners Group as their partner of choice“.
That statement came in this press release from Foundation Partners Group (FPG) where they announced that during the first seven months of the current calendar year they have purchased eight funeral service firms which operate a total of 18 facilities. The 18 locations serve approximately 12,000 families in total annually meaning that the average location being acquired in 2022 averages about 650 death calls.
That number of cases, about 12,000, increases by about 10% the number of families FPG has publicly stated that they do annually — 125,000. It also expands the Foundation Partners Group footprint to now encompassing over 230 locations in 21 states.
These 2022 acquisitions have all occurred in high percentage cremation states which is in keeping with FPG’s stated preference of acquiring cremation centric businesses. The acquisitions mentioned are in the following states: California, Florida, Colorado, and Arizona.
Here are the firms that FPG has acquired, according to their press release.
- Bay Area Cremation Society, San Francisco, California
- Beckman-Williamson Funeral Homes & Crematory, Rockledge/Viera, Florida
- Blue Oaks Cremation & Burial Services, Roseville, California
- Carroll-Lewellen Funeral & Cremation Services, Longmont, Colorado
- Falconer Funeral Home, Gilbert, Arizona
- Griffith-Cline Funeral and Cremation Services, Bradenton, Florida
- Meldrum Mortuary & Crematory, Mesa, Arizona
- Wyman Cremation and Burial Chapel, Mesa, Arizona
Funeral Director Daily take: I’ve mentioned it before, but it appears that Foundation Partners Group is laser-focused on purchasing cremation-centric operations and then trying to build that business by value adding to the cremation service as well as growing each new location via the acquisition of new clientele.
One of the upsides I’ve always recognized about that strategy is that the acquiring company is not having to deal with “What percentage of traditional casketed clientele funerals will they lose to eventual cremation services?” In my opinion, by purchasing already high percentage cremation firms they take that variable — which represents potential decreased revenue per case — out of the future financial equation.
More news from the world of Death Care:
- How to plan a funeral without breaking your budget. The Washington Post (DC)
- Crematoria technology will help British grievers to come to terms with loss. Euro Weekly (Great Britain)
- Editorial: The changing business of burial. Lake Cowichan Gazette – British Columbia (Canada)
- Angelpaw launches world’s first Buy-Now, Pay-Later for pet aftercare. Cision PR Web
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