Tue, 26 Nov 2024 | BUSINESS SALE
A Dorset-based funeral and memorial mason business which dates back to 1861 has been sold to Lighthouse Funerals, an investment vehicle of fund manager Dowling.
Grassby & Sons was founded by stone carver Benjamin Grassby in Dorchester, branching out into funerals in 1970.
The sixth-generation family firm operating eight funeral directors serving Dorset and East Devon was being run before the deal by brothers Peter Grassby and David Grassby and David's son Nick Grassby.
The firm has now been sold to Lighthouse Funerals for an undisclosed sum as part of Downing's plans to grow a national network of funeral directors under the Lighthouse brand.
It seems an opportune time given that the UK funeral industry is seeing a surge in demand because of an ageing population.
Nick Grassby will take a senior role in the new group, working closely with incoming Lighthouse Funerals chief executive Steven Wilton, while he and Peter Grassby will continue to lead the Grassby business.
Peter Grassby said: “This transaction is a landmark in the history of Grassby & Sons. Our partnership with Downing and Lighthouse Funerals will allow us to bring our exceptional level of professional, sympathetic funeral services to more families across the region as we continue to grow."
Nick Grassby added: "The process itself was an eye-opener – in particular the intensity of the due diligence process and the huge range of commercial, financial and legal issues that needed to be examined and resolved."
Ed Motley, associate director at Downing, said: “The acquisition of Grassby & Sons, which has a strong financial track record and expert, trusted staff, is an important first step for Lighthouse Funerals and we look forward to supporting the management team as they grow the business.”
Chartered Accountancy firm PKF Francis Clark advised the Grassbys on the deal following approaches from two potential buyers through to successful completion. Legal advice was provided by Trethowans.
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