Downing acquires Grassby and Sons
Based in Dorchester, Dorset, the funeral provider was founded in 1970 by the Grassby family, who has been a well-known stonemason in the region
Investment management firm Downing has completed its acquisition of Grassby and Sons, an established group of funeral directors across Dorset and Devon, for an undisclosed sum.
As a result, Downing has also established a funeral director-specific portfolio company, Lighthouse Funerals.
Grassby and Sons is Lighthouse Funerals’ “cornerstone” investment, from which Downing plans to build a national network of funeral directors.
Based in Dorchester, Dorset, the funeral provider was founded in 1970 by the Grassby family, who has been a well-known stonemason in the region since the late 19th-Century.
Peter and David Grassby and David’s son Nick owned the business, with Peter and Nick responsible for running the day-to-day operations.
Following the acquisition, Nick and Peter will remain with the business and will work closely with the incoming CEO Steven Wilton, who has worked in the funeral industry for over 30 years.
Downing’s decision to invest in the funeral sector comes as it believes it is growing and resilient, but also “a highly fragmented market that will benefit from consolidation”.
Over the past five years, revenues in the sector have grown at a CAGR of 5.3% to reach an estimated £2.8bn in 2024. As the UK population continues to age, demand for funeral services will increase.
Torsten Mack, investment director at Downing, said: “We are excited about having established Lighthouse Funerals as a new portfolio company and look forward to working closely with Steven Wilton, the CEO, to develop a national network of funeral directors.”
Ed Motley, associate director at Downing, added: “The acquisition of Grassby and Sons, which has a strong financial track record and expert, trusted staff, is an important first step for Lighthouse Funerals and we look forward to supporting the management team as they grow the business.”
Steven Wilton, CEO of Lighthouse Funerals added: “Grassby and Sons has provided high-quality, compassionate care to grieving families across Dorset and Devon for decades and it is a privilege to work alongside them and their exceptional team as we move forward together.
“I look forward to continued collaboration with Downing as we unite like-minded funeral directors, working together to continue offering the highest levels of care and support to the families we serve.”
