Finance

Foundation Partners Group purchases Solace. . . extends Direct-to-Consumer digital cremation services

Foundation Partners why I partnered

In this press release from PR Newswire you can read about Orlando based Foundation Partners Group and its acquisition of Solace Cremation, the Portland, Oregon, based direct-to-consumer cremation services business.  Solace operates in the Oregon, California, and Florida markets at this time.  The purchase will allow, according to the release, Foundation Partners Group to have geographic proximity to offer digital cremation arrangements and services to nearly 50 million American households.

Foundation Partners Group (FPG) is rapidly ramping up their digital platform.  In 2019, the company acquired another Solace-like company in Tulip Cremation which has been under FPG leadership since.  Here is the website for Tulip Cremation.

As for the Solace Cremation acquisition, here’s what FPG CEO and President Kent Robertson said, “Consumer attitudes toward death have changed, and so have their expectations around transparency and service options.  Families are purchasing items online that they would have never thought of buying through digital channels five or ten years ago. . .  During the COVID-19 pandemic, funeral service providers were restricted from traditional in-person meetings and had to find new ways to make arrangements. This accelerated the move to digital service offerings and reshaped the funeral profession.  Just like the trend toward cremation will continue over the next 10 years, we believe the growth of new, contemporary digital services will accelerate as well.”

Solace Cremation was founded in 2019 by former Nike executives Keith Crawford and David Odusanya.  According to Crunchbase it was funded, in part, by investments of venture capital companies Rogue Ventures and Cascade Seed Fund, both based in Oregon.

Solace Cremation co-founder Crawford said this about the sale to Foundation Partners Group, “Foundation Partners is a team of innovative thinkers, industry experts and inclusive collaborators who are playing the long game and investing in the future of deathcare.”

According to the press release, Foundation Partners Group is the second largest funeral home group in the United States based on number of families served.  They own and operate a network of 230 funeral homes, cremation centers, and cemeteries in 21 states.

FPG’s CEO and President Kent Robertson summed up the acquisition of Solace Cremation with this statement, “Now that consumer preferences are shifting to digital experiences, we’re expanding our platform to serve the needs of every family, from those that want meet in person to those who wish to interact online.”

Here is the Solace Cremation website.

Related — “Meet the companies trying to be the Uber of funerals”.  Yahoo News.  Editor’s Note:  This article which references Solace Cremation was published on October 28, 2022. . . 5 days before the above press release was released.

Funeral Director Daily take:  This is a big acquisition for Foundation Partners Group and their apparent quest to make online cremation arrangements available to consumers nationwide.  By leveraging their existing cremation providers and facilities with the online capabilities of

Tom Anderson
Funeral Director Daily

Tulip Cremation and now Solace Cremation, Foundation Partners Group claims that they can offer digital arrangements to about 50 million American families.

When you consider that, according to the 2020 U.S. Census, there are about 129.93 family households in the United States, they can boast of a penetration availability to over 38% of all American families.  That’s a big start in getting to that almost 100% universal coverage.

This transaction also proves that venture firms, who have been investing heavily in the United States death care business complex, can move rapidly from investment to exit with, what I assume is, a good return on their investment – in a short period of time.  As borrowed capital becomes more expensive with higher interest rates, that fact may indicate a higher propensity of growing companies to take on venture capital rather than loans.

More news from the world of Death Care:

Enter your e-mail below to join the 2,976 others who receive Funeral Director Daily articles daily:


 

Print Friendly, PDF & Email

Leave a Comment

Your email address will not be published.