A sixth-generation family funerals business in Dorset has been sold to an investment vehicle of fund manager Downing. Grassby & Sons was established as a stonemason in Dorchester in 1861, branching out into funerals in 1970.
The firm has been sold to Lighthouse Funerals for an undisclosed sum as Downing moves to build a national network of funeral directors under the Lighthouse brand.
Grassby & Son operates eight funeral directors serving Dorset and East Devon. Before the deal, the business was owned by brothers Peter Grassby and David Grassby, and David's son Nick Grassby.
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Mr Nick Grassby will take a senior role in the new group, working closely with incoming Lighthouse Funerals chief executive Steven Wilton, while he and Mr Peter Grassby will continue to lead the Grassby business.
Mr Peter Grassby said: “This transaction is a landmark in the history of Grassby & Sons. Our partnership with Downing and Lighthouse Funerals will allow us to bring our exceptional level of professional, sympathetic funeral services to more families across the region as we continue to grow.
“Having worked closely with Steve Wilton and the team at Downing throughout this process, I am confident our family business has found an excellent home for the next chapter of its journey, and we look forward to continuing to thrive under their stewardship.”
Ed Motley, associate director at Downing, added: “The acquisition of Grassby & 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.”
Chartered Accountancy firm PKF Francis Clark advised the Grassbys on the deal. The advisory team comprised Paul Stout, Chris Potts and Ashley Barton, with tax advice provided by Damian Lannon and Michelle Cordy. They worked with James Driver and Paul Beer at Dorchester accountancy firm Kennedy Legg.
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Mr Potts, corporate finance director at PKF Francis Clark, said: “This was an intense but relatively smooth deal process, delivered to a tight deadline thanks to the hard work and pragmatism of the Grassby family, Downing and all of the advisors involved."
Law firm Trethowans provided legal advice to Grassby & Sons. Downing was advised by Cooper Parry (financials) and Shoosmiths (legals).