Hurlet Crematorium

Maven Capital Partners ("Maven"), one of the UK's most active private equity firms, has completed the sale of Horizon Ceremonies ("Horizon"), a leading independent crematorium developer and operator, to a major UK public sector pension fund with more than £30 billion in assets under management.

The transaction has delivered a strong return for Maven's investors, with day-one proceeds representing between a 2.1x - 2.5x return on cost. The deal structure also includes an element of deferred consideration linked to future milestones, offering further upside potential.

Maven originally invested £2.5 million in Horizon in 2017 to support the creation of modern, community-centric crematoria designed to offer a more compassionate and accessible alternative to traditional facilities. Over the course of the investment, Maven provided total funding of £7.65 million across multiple rounds to further scale operations and open new sites.

Founded in 2016, Horizon has established itself as one of the UK's most respected independent crematorium operators. The business currently operates three high-quality, purpose-built facilities in Clyde Coast & Garnock Valley (CCGV), Glasgow (The Hurlet), and Cannock in the West Midlands. Two additional sites are progressing through the planning process, reflecting the business's ambition to expand its national footprint.

Horizon has also led the sector in sustainability. It was the first UK crematorium operator to publish an ESG report and has since planted over 10,000 trees, generated nearly 8,000 kWh of renewable electricity, and maintained a carbon footprint below the industry average.

The successful exit underlines the long term growth potential of the UK cremation services market, increasing demand for modern facilities, and growing emphasis on sustainable practices. The transaction attracted interest from a broad range of institutional and strategic acquirers. KPMG Corporate Finance advised Horizon on the deal.

Colin Anderson, Partner at Maven Capital Partners, said: "Horizon Ceremonies has built a high quality and trusted business in a market underpinned by resilient demand and long term structural drivers. From our initial investment through to follow-on funding rounds, we've supported the business in scaling its operations, navigating planning challenges, and embedding ESG at its core. We are proud to have backed the team from its early origins and are delighted to deliver this excellent return for our investors."
Jeremy Hamilton, Director of Horizon Ceremonies, added: "Maven has been an trusted partner throughout our journey, offering not just funding but strategic insight and support. Their belief in our vision enabled us to expand our footprint, enhance our ESG credentials, and deliver best-in-class facilities. As we enter this exciting new chapter and continue to grow our portfolio, Horizon is well positioned to serve more communities across the UK."