Foundation Partners Haven’t Made A Purchase In Over A Year And All Original Founders Are Gone, What’s Next?

September 15, 2013
Advertisement

Insight provide by: Jeff Boutwell, President of NewBridge Group, a merger acquisition consulting firm that assists both buyers and sellers of family owned funeral homes.

Jim Price and Steve Shaffer are both extremely talented and respected professionals and I’d expect to see them both back in the industry at some point, probably after whatever non-compete they have expires. Foundation Partners lost two really good people with great ties to the industry. However,  Foundation owns a really strong group of businesses and I expect them to be fine.

Foundation started a little over 3 years ago with 4 industry veterans and Sterling Partners, a private equity firm with experience in multiple location businesses.  All the founding industry players are gone and have moved on.  Over the last few years  NewBridge has represented several clients that have considered selling to Foundation, two clients did choose Foundation and are part of that company now.   Steve and Jim are now gone and Paul Haarer joined us a few months ago.  I’m now not sure who will now be the leader to pursue acquisitions in the future, but I hope they continue to pursue purchasing new businesses.

Advertisement

As for the future of Foundation, I really believe that the underlying businesses are strong and I believe Foundation will continue to grow.   Although, they have not completed a purchase for almost a year.  I suspect they have been building capital in anticipation of purchasing some of the Stewart Enterprise divestitures.  I think they will also be very selective in their acquisitions going forward and will at acquiring large businesses and also firms surrounding their existing locations.  From what I can tell, Foundation treats their location employees well and Brad Rex has tremendous credentials.  They recently added Justin Baxley to their executive team, who came from an acquisition, which shows they are willing to promote from within.  To a seller, promoting from within and treating your employees well are important issues.  That being said, most sellers look for the highest price and the ability to connect with their buyers. We’ll see what the future holds for Foundation. I’d love them to stay active in pursuing acquisitions, because for our clients, the more possible buyers the better.

CDFuneralNews

CDFuneralNews

ConnectingDirectors.com is the leading online daily publication for funeral professionals with a reader base of over 45,000 of the most elite and forward-thinking professionals in the profession. With ConnectingDirectors.com we have created a global community through an online platform allowing funeral professionals to Stay Current. Stay Informed and Stay Elite.
CDFuneralNews
Advertisement

You may be interested

Studio Nienke Hoogvliet Designs Cremation Urn Using Plastic Derived From Wastewater
Cremation
163 views
Cremation
163 views

Studio Nienke Hoogvliet Designs Cremation Urn Using Plastic Derived From Wastewater

CDFuneralNews - December 14, 2017

Originally Published on Dezeen Studio Nienke Hoogvliet has harnessed a method of transforming wastewater into bioplastic, and used it to create a sustainable cremation…

ICCFA, Wilbert and Pierce Mortuary Colleges Partner to Offer Live Streaming Cremation Training
Funeral Industry Press Releases
80 views
Funeral Industry Press Releases
80 views

ICCFA, Wilbert and Pierce Mortuary Colleges Partner to Offer Live Streaming Cremation Training

CDFuneralNews - December 14, 2017

STERLING, VA  – The International Cemetery, Cremation and Funeral Association has partnered with Wilbert and Pierce Mortuary Colleges to bring…

American Funeral Director Honors ‘Funeral Director of the Year’
Funeral Industry Press Releases
95 views
Funeral Industry Press Releases
95 views

American Funeral Director Honors ‘Funeral Director of the Year’

CDFuneralNews - December 14, 2017

WALL, N.J. — Danny Jefferson, location manager at Pierce Jefferson Funeral & Cremation Services in Kernersville, North Carolina, has been…

Comments