Epiris sells minority stake in Pure Cremation to Centerbridge deal

Epiris has struck a deal to transfer a structured minority interest in Pure Cremation to Centerbridge Partners, the private markets investor that will take exposure via both debt and equity instruments. The agreement, struck by Epiris Fund III together with Pure’s CEO Dean Lamble, does not disclose financial terms and remains subject to regulatory clearance ahead of an anticipated close in the first half of 2026.

The transaction represents a partial liquidity event for the sponsor while keeping control and operational continuity intact: Epiris will remain a significant investor alongside the existing management team. Since acquiring Pure in 2023, Epiris and CEO Dean Lamble have focused on scaling prepaid funeral plans and mainstreaming direct cremations — a lower‑cost, no‑frills option that has grown materially in consumer take‑up over recent years.

Pure has positioned itself as the leading UK provider of prepaid funeral plans and a market pioneer in direct cremations. The business won national recognition at the end of 2025 as a winner of the BVCA’s Vision Awards, highlighting the strength of its management and growth trajectory under Mr Lamble and the Epiris partnership.

Industry context: the UK funeral market is typically estimated in the low billions of pounds annually and is undergoing structural change as consumers seek value and simplicity. Prepaid plan penetration and demand for direct cremations have risen, driven by affordability and changing preferences; specialist operators such as Pure Cremation have benefited from this shift and from rising digital distribution of plans and services.

Owen Wilson, who leads the Epiris investment team on Pure together with Thayne Forbes and Demi Ogunlela, said the transaction delivers a strong outcome for Epiris’s investors while enabling the firm to remain engaged in the business as it scales further. Debt support for the structure has been provided by Pemberton Asset Management, according to the parties.

Looking ahead, the deal signals continued appetite from private credit and buyout investors to back defensive, cash‑generative service businesses that combine recurring revenue with operational improvement potential. For Pure, the new capital mix should support further geographic reach and marketing to the growing prepaid plans market; for the wider sector, the transaction underscores investor confidence in consolidation opportunities across funerals and related end‑of‑life services.