Ontario Teachers’ Pension Plan and Universities Superannuation Scheme (USS) are selling UK crematorium and cemeteries firm Westerleigh to the infrastructure arm of asset manager ICG following a decade of joint ownership.
ICG Infra will acquire the UK’s largest private operator of crematoria and cemeteries, partnering with its existing management team to support network expansion and new site developments.
Financial terms were not disclosed.
Ontario Teachers’ and the UK’s USS acquired Westerleigh from Antin Infrastructure Partners in 2016.
Under their ownership, the business increased its footprint from 22 sites to 42 operating crematoria across England, Scotland and Wales, opening 21 new locations during the period.
Ludovic Laforge, managing director, ICG European infrastructure, said: “Westerleigh provides an essential service to communities across the UK and has established a leading and highly reputable network of social infrastructure assets.
“We are very happy to partner with the company and its management team. Westerleigh is a strong fit with our strategy, and we look forward to supporting its next phase of growth.”
James Adam, senior managing director, infrastructure and natural resources at Ontario Teachers’ Pension Plan, said: “Over the last decade, we have been proud to support and partner with Westerleigh’s management team as it has strengthened its position as a leader in the sector, expanded its network, and continued to invest in providing the highest quality of care and services to families.”
Rob Horsnall, head of direct equity, private markets group, USS, said: “We are proud of what has been achieved throughout our investment in Westerleigh and have enjoyed a close working relationship with the management team and our partners at Ontario Teachers’.
“During our involvement, Westerleigh has doubled its number of sites while maintaining a focus on delivering high-quality crematoria facilities and, most importantly, continues to deliver an exceptional service rooted in compassion.”
Debbie Smith, CEO of Westerleigh, said: “ICG Infra shares our commitment to investing in our people, facilities and services, and brings a long-term perspective that aligns closely with our ambitions.
“We are grateful to Ontario Teachers’ and USS for their partnership and support since 2016, which has helped strengthen and grow the business.”
To read the latest IPE Real Assets magazine click here.
