How Private Equity Is Buying Up Cremation Services

Episode notes

Episode 131 of The Buyout Show examines the quiet consolidation of the death care industry. Lucas and Luna break down how private equity firms have rolled up over 200 independent funeral homes and crematories since 2021, focusing on the specific playbook used by one firm, Service Corporation International's smaller rivals. They discuss the economics of cremation versus burial, the fragmented mom-and-pop nature of the market, and what happens when a consolidator targets a business built on local trust. A surprising number: 60 percent of US consumers now choose cremation, up from 26 percent in 2000. The hosts walk through a real acquisition term sheet from a 2025 deal in Ohio, explaining why EBITDA multiples for funeral homes have crept from 5x to 8x in three years. They also touch on regulatory pushback from state funeral boards and the cultural tension between commoditizing end-of-life services and keeping prices predictable.

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