Private Equity Conversations with Fexingo · 2026-07-03 · 8 min
Episode 89 of Private Equity Conversations with Fexingo: Lucas and Luna look at a quiet but fast-consolidating corner of death care - crematorium chains. They break down why private equity is buying up funeral homes and crematoria: margins north of 20 percent, a structural shift in cremation rates (now over 60 percent in the U.S.), and the death-care regulatory moat that makes these assets sticky. Lucas cites SCI and Carriage Services as the legacy players, then drills into a specific 2023 deal where PE firm Aperion acquired Evergreen Cremation Services for roughly 8x EBITDA, highlighting the roll-up logic. Luna pushes on the ethical tension: is it okay for private equity to own the death industry? They discuss pricing power, capacity constraints, and whether the strategy holds up if cremation rates plateau. No fluff, no hot takes - just a clear look at how capital is reshaping the way we say goodbye.
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