Exited
Pure Cremation
Southeast England
LOCATION
Funerary Services
SECTOR
November 2017
INITIAL DEAL
Overview
During 2017 and 2018, Puma Funds invested £7.4 million of growth capital into Pure Cremation – the UK’s leading provider of direct cremations. The company’s revenue grew fourfold during Puma’s investment period, through consistent growth, and it moved into profitability. Puma exited Pure Cremations in June 2021.
About Pure Cremation
Puma’s investment drove marketing activity, increasing awareness of the business’s direct cremations and prepaid funeral plans. The investment also helped the company build its own bespoke crematorium facility, driving down per-unit costs and providing a platform for considerable further growth.
Exit
In June 2021, Puma reached an agreement with the management and other shareholders of Pure Cremation Holdings Limited, to exit the entirety of the Puma position for a cash consideration. The business secured funding from Santander UK to support the buyout of the Puma position, leaving the business 100% owned by its four executive directors.
Pure Cremation revenues grew nearly 10x over the holding period and the company moved into profitability. Puma Private Equity helped the company explore the abundance of strategic options available to it, including meeting potential acquirors. An exit was secured for the Puma VCT funds in June 2021, with Puma VCT 13 achieving a 4x money multiple on its investment, resulting in an IRR of 71%. Distribution of the realised gains from this exit has resulted in two interim dividend payments, collectively returning 11p per share to investors from December 2021 to March 2022.
The Company's view
“Puma Private Equity has played a pivotal role in our ability to attract superb staff, develop robust systems and construct our state-of-the-art crematorium, Charlton Park. We are incredibly grateful for their support, expertise, and their confidence in Pure Cremation at the start of our journey.”
Our view
“We are delighted to have supported Pure Cremation through these critical years of growth. We shall miss having them in the portfolio, but have managed to realise a fantastic return for our investors within a tight timeframe. Puma Private Equity is committed to helping businesses achieve their full potential – working in partnership with management to unlock growth – and Pure Cremation has been an excellent example of this. We wish Bryan and the team the very best of luck as they continue to grow their business.”