Sovereign Capital announces the acquisition of Cemetery Management Limited

Sovereign Capital Limited ("Sovereign Capital") is pleased to announce that portfolio company Westerleigh Group ("Westerleigh") has acquired Cemetery Management Limited ("CML") and its associated companies for an undisclosed sum. The merged group becomes the second largest independent crematoria and cemeteries group in the UK.

This follows on from Sovereign Capital's £21m institutional buy-out of Laurel Management Holdings Limited ("Laurel"), a leading UK group of funeral directors, in September.

Sovereign Capital led the £7.3m secondary buy-out of Westerleigh in March 1999 to expand the business via a buy & build and roll-out strategy. Westerleigh owns and operates seven successful crematoria situated throughout England. CML owns and operates a large cemetery and crematorium in North London as well as carrying out cemetery management for a number of local authorities including Westminster City Council.

The combined group, which will handle over 10,000 funerals a year, has the opportunity to acquire and develop a number of new sites.

In a parallel transaction Westerleigh has also acquired A K Landers Limited, a firm of monumental masons operating from premises in Southend on Sea.

Two of CML's directors, Richard and James Evans, will join the Westerleigh Board. Peter Wilson who has been the Managing Director of Westerleigh since 1993 will retire at the end of the year. Richard Evans will take over the position. John Nash and Michael Needley of Sovereign Capital join the Westerleigh board as non-executive directors

Bill Elliot Chairman of Westerleigh commented:

'We are delighted to have acquired CML. The company has a reputation for being a quality operator in the sector and together we will continue to provide high quality crematoria, cemetery facilities and facilities management services. Going forward the strengthened group will be well positioned to increase its business activities through organic growth and acquisition.'

Commenting on the transaction John Nash, Chairman, Sovereign Capital said:

'Local authorities are increasingly seeking a solution for both their crematoria and cemetery provision and the enhanced group has the experience to provide first class solutions. This latest transaction further consolidates Sovereign Capital's position in what is becoming an active sector in the UK.'