The Ontario Teachers’ Pension Plan and Universities Superannuation Scheme (USS) are buying the Westerleigh Group from Antin Infrastructure Partners.
The deal to buy the UK crematorium developer and operator is expected to close by year-end.
Founded in 1991, Westerleigh Group cares for 30,000 funerals per year across its 22 sites.
The company, based in Bristol, has built 13 crematoriums since 1991.
Andrew Claerhout, Ontario Teachers senior vice-president for infrastructure and natural resources, said: “This is a unique business that has established a strong position in the UK market. Their stable revenues and resilient operating model align well with our long-term investment requirements.
“We are very pleased to partner with USS, an institution with which we have tremendous alignment – and with Richard Evans and his outstanding management team to continue to drive Westerleigh’s growth.”
Evans, managing director at Westerleigh, said: “We are grateful for Antin’s backing over the past three years and are delighted to have new long-term pension fund investors to support the group through our next phase of growth.”
Paris-based Antin has owned 88% of Westerleigh for three years.
The firm recently sold a Spanish broadcasting and telecommunications firm to AMP Capital.