Dignity Caring Funeral Services ('Dignity') - the UK's single
largest funeral services provider - has been bought by its
management from parent company, Service Corporation International
('SCI'), for approximately £220 million in a deal backed by HSBC
Private Equity.
Dignity was formed in 1994 following Houston-based SCI's
acquisition of Great Southern Group and Plantsbrook and the
subsequent acquisition of over 100 funeral homes. Dignity performs
around 75,000 funerals a year and 40,000 cremations. It owns more
than 500 funeral homes across the UK and 21 crematoria. Dignity is
also the leading provider of prepaid funeral plans with £150
million in an independently managed trust fund.
The company was acquired by a newly formed company, Dignity
Services Limited, where management and HSBC Private Equity have an
80% shareholding. The remaining 20% of shares have been retained by
SCI. In the year to December 2001, Dignity reported sales of
approximately £120 million.
The management team is led by chief executive Peter Hindley , who
has been CEO of SCI's UK operations since 1994. Peter is supported
by Andrew Davies, operations director, Mike McCollum, commercial
director, and Jim Wilkinson, quality and HR director. The
management team will focus on driving forward client service
excellence which is at the heart of the current business
strategy.
Commenting on the acquisition, Peter Hindley said: "We are pleased
to have had the opportunity to acquire Dignity - a business which
is committed to providing a sensitive and caring service,
respecting local customs and traditions which will remain our long
term strategy. The management team has the experience and expertise
to ensure that our service continues to meet our clients'
individual requirements, at what is a very difficult time in their
lives."
The HSBC Private Equity investment was co-ordinated by Jason
Gatenby and Phil Goodwin.
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