PE巨头，66亿买了座火葬场

Core Viewpoint - The article discusses the evolving perceptions of death and funeral services in China and the West, highlighting the growing trend towards simplified and cost-effective funeral options, exemplified by the rise of companies like Pure Cremation in the UK, which offers affordable cremation services [7][8][9]. Industry Overview - The funeral service market in China was valued at 169.5 billion RMB in 2015 and is projected to double to 411.4 billion RMB by 2026, indicating a significant market opportunity despite changing consumer attitudes towards traditional funeral practices [8]. - In the UK, the largest funeral service provider, Pure Cremation, is being targeted for acquisition by European private equity firm Cinven for an estimated 500 to 700 million GBP (approximately 4.7 to 6.6 billion RMB), which would set a new record for mergers and acquisitions in the European funeral industry [8][19]. Company Case Study: Pure Cremation - Pure Cremation was founded by Bryan Powell in 2015 to meet the demand for simpler and more affordable funeral services, offering a self-service cremation model that includes door-to-door service without hidden fees [16][17]. - The company experienced rapid growth, completing 1,000 cremations in its first year and doubling that number the following year, alongside a successful pre-sale service that sold over 65,000 plans in 2021 [17]. - In July 2023, Pure Cremation was acquired by the private equity firm Epiris for 533 million USD (approximately 3.78 billion RMB), reflecting a significant increase in valuation since its last funding round [17][19]. Market Dynamics - The article notes that while the funeral industry is a necessity, it tends to operate like a public utility, making explosive growth and high valuations challenging to sustain. However, Pure Cremation's unique service model has allowed it to capitalize on new consumer trends, resulting in a valuation increase of 23% to 73% within two years [19][20]. - The competitive landscape is intensifying, with other private equity firms also looking to acquire funeral service companies, indicating a growing interest in the sector [21][22].