August Equity has invested £23 million in market consolidator Funeral Services Partnership to fund acquisitions, alongside debt from HSBC.

August Equity has invested £23 million in market consolidator Funeral Services Partnership to fund acquisitions, alongside a debt facility from HSBC.

The deal represents an exit for Maven Capital Partners and Octopus Intermediate Capital, which invested a combined £3.75 million in the Midlands-based group less than two years ago.

August is backing the existing management team led by CEO Philip Greenfield and chairman Graham Hodson. Advisors on the deal included the Midlands-based corporate finance teams of Cooper Parry and Freeth Cartwright.

Funeral Services Partnership has made seven acquisitions since it was established in 2007 and operates nationally.