Last week we learned of an August 1, 2024, event which required the filing of a Securities and Exchange (SEC) Form 13G.  That event was the acquisition of more than 5.0% of the common stock of Carriage Services by an entity.

As you can see from this form, provided by the Carriage Services website, 775,000 shares, equal to 5.1% of Carriage Services outstanding stock is now owned by Vineyard Capital Partners LLC.  Another 4,000 shares is owned personally by Jeff Boutwell, listed as the Managing Member of Vineyard Capital Partners LLC on the form 13G.

According to E-Trade, Carriage Services common stock closed at $32.39 on August 1, 2024.  So, an investment of 775,000 shares would have an approximate value on that date of $25.1 million.

Funeral Director Daily take:  Jeff Boutwell is a well-known name in the world of funeral home finance.  You will note that he is not only affiliated with Vineyard Capital Partners LLC, but also with The NewBridge Group.

According to the Vineyard Capital Partners website, the company appears to have investments in approximately 130 funeral service locations nationwide.  (January 15, 2024, Vineyard Capital Press Release).

Another press release from the Vineyard Capital Partners dated June 28, 2024, indicates that the company completed one of its largest equity offerings.  In that press release was this quote, “The funds will be used to invest in the continued growth of current operating partners, as well as larger scale opportunities that we believe are currently available.”  (Highlighted by Funeral Director Daily)

As one reads that press release with hindsight, you wonder if the Carriage Services stock purchase was in Vineyard Capital Partners’ sight at that time.

While Funeral Director Daily has no ability to know the motives of Vineyard Capital Partners LLC in relation to their investment in Carriage Services, the investment certainly makes one think that it could lead to a take private movement that happened with North American funeral home and cemetery operators StoneMor Partners (renamed Everstory Partners) in 2022 and Park Lawn Corporation earlier this summer.

In addition, take private movements led by private equity capital have recently taken place with the largest public funeral home operators in Australia (InvoCare) and Great Britain (Dignity plc).

Disclaimer –– The author of this article for Funeral Director Daily is a shareholder of Carriage Services.

More news from the world of Death Care:

• Former funeral director shares unique perspective on life.  CTV News Calgary  (Canada)
• Funeral director scandal could have been avoided if SNP hadn’t dragged their heels.  Scottish Daily Express (Scotland)
• Mortuary Affairs soldiers train on sacred duty.  Defense Visual InformationDistribution Service

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