Finance

Foundation Partners Group announces new acquisition, record growth

Foundation Partners why I partnered

In this press release from last week, Foundation Partners Group (FPG) announced a new acquisition and also gave some indication of its growth over the past couple of years. Foundation Partners Group is the privately owned death care consolidator based in Orlando, Florida, that appears to set its acquisition sights on cremation heavy firms.  FPG is owned by Access Partners of Baltimore, Maryland.

In the press release the company announces the acquisition of Baldwin Brothers Funeral and Cremation Society of Central Florida.  According to the release, Baldwin Brothers has 20 locations across Central and Southwest Florida.  Here’s what Foundation Partners President Kent Robertson said of the transaction, “Baldwin Brothers is an example of the kind of firm that complements our network.  We set out to create the deepest and broadest cremation-focused firm in the U.S. and have achieved that goal through the strength of our partners. This mission resonates in 2022 and beyond, and we’re excited for the future.”

The press release also makes it known that Foundation Partners Group has grown by over 50% in the past year.  We don’t know if that 50% relates to number of firms or death calls, but it is noted that the company now serves about 115,000 client families from 215 locations nationwide.  Here’s what company President Robertson says of that growth:

We grew by reaching families in new ways, increasing services in existing markets and expanding into new ones by partnering with great firms…We are committed to creating enduring partnerships with successful and innovative business owners who share our vision of the future of deathcare.  And while the pandemic continues to disrupt the country and alter the deathcare landscape, it has not slowed down Foundation Partners growth. It has increased the number of like-minded firms looking to partner with us to meet the ever-changing needs and expectations of today’s consumers.”

  • For the Foundation Partners Group location map. . click here
  • For the Foundation Partners Group website . . click here
  • For the Baldwin Brothers Funeral and Cremation Society website. . click here
  • For Foundation Partners Group / Access Holdings website. . click here
  • For a short video on Foundation Partners Group service commitment. .click here

Funeral Director Daily take:  We mentioned in last Friday’s article that we believe that there are acquisitions made in 2021 that have not been announced yet. We were not aware of this transaction when we mentioned that, but we think that there will be more of these announcements to come.

It’s interesting to note that the FPG strategy of acquiring cremation centric firms will probably lead to an “economy of scale” positive force for FPG as they grow with “bolt on” additions in current markets.  They announce in this press release that they will serve 115,000 client families from 215 locations. . . . that is an average death call number of 535 per location.  In my opinion, that is a very high average number and that density of calls per location should allow profit margins to increase and give the FPG firms pricing power.

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