Private equity firm exits pet cremation company
A Northants-based pet cremation company has been sold by its private equity owners.
August Equity has sold it share in Guilsborough-based Pet Cremation Services (PCS) to VetPartners.
August led an equity investment in 2015, backing CEO Glenn Tuck and team to grow the business and capitalise on the structural demand from pet owners for increasingly human style pet funerals.
During August’s ownership, PCS has completed eight acquisitions, more than doubling the number of crematoria to 14 sites across the UK. The August exit was led by David Lonsdale and Kate Cook.
A team at Deloitte in the Midlands, comprising Darren Boocock, Dan Marchington, Logan Mantle and Joe Satchwell, provided corporate finance advice to August Equity on the transaction.
Boocock said: “VetPartners has acquired the UK’s market leading pet cremation provider. PCS has grown rapidly under the supportive ownership of August Equity and with the management team’s leadership, and continues to provide a valuable service to clients throughout the country. The UK market is well-positioned for a transformation in end-of-life services for pets and the combination with VetPartners will enable PCS to drive innovation and change in a compassionate way.”
David Lonsdale, partner at August Equity, added: “We were impressed with Darren and the team at Deloitte. They showed real tenacity and resilience throughout the sale process, providing fantastic support and advice for August and the Management team. They built a very strong relationship with the PCS management team and produced a great outcome for all stakeholders. We would have no hesitation in using the team again.”
Legal advice on the transaction was provided by DLA and Ansons.