Private Equity Conversations with Fexingo · 2026-07-05 · 12 min
In episode 93 of Private Equity Conversations, Lucas and Luna revisit the crematorium roll-up trend they first covered in episode 83. They drill into the new wave of consolidation driven by the largest death-care consolidator, Service Corporation International, which now owns over 2,000 funeral homes and 600 cemeteries. The hosts discuss how private equity firms like Stone Point Capital and Ares Management are using the same playbook - buying independent crematoria, centralizing cremation services, and boosting margins via volume and pricing power. They also explore a surprising counter-trend: a handful of family-owned crematoriums that have successfully resisted the roll-up by focusing on hyper-local service and transparent pricing. Along the way, Lucas and Luna debate whether these deals are value-creating or extractive, and what the consolidation means for families facing end-of-life decisions. A short, genuine listener-support segment appears mid-episode.
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