How Private Equity Is Buying Up Cremation Services

Episode notes

Episode 98 of The Buyout Show explores a consolidating corner of the death care industry: cremation services. Lucas and Luna break down how private equity firms have been rolling up funeral homes and crematoriums, with a focus on the largest player in the space, Service Corporation International (SCI), which owns over 1,500 funeral homes and 450 cemeteries. They discuss the economics of pre-need contracts, the shift from burial to cremation (now over 60% in the US), and how PE firms like Aterian Investment Partners and the publicly traded Carriage Services are capitalizing on the trend. The episode also touches on the ethical debates around for-profit death care and the long tail of family-owned operators. Specific numbers include SCI's market cap of roughly $12 billion and the average cost of a cremation ($2,500) versus a burial ($8,000). A light donation segment at the 75% mark invites listeners to support the ad-free show.

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