Walter Capital Partners, along with the Bourgie-Bovet family, has acquired a significant stake in Athos Services Commémoratifs, the owner and operator of Urgel Bourgie and Lépine Cloutier funeral service banners. Financial terms were not disclosed.
The investment marks the first time that Walter Capital Partners has led an investment with external investors.
Founded in 2010, Athos Services Commémoratifs is one of the largest funeral companies in Quebec, comprising funeral homes and cemeteries in Québec City, Montréal, Laval and the South Shore. Athos Services Commémoratifs acquired Urgel Bourgie from the Bourgie-Bovet family in 2012.
Representatives from Walter Capital Partners and Sylvie Bovet will join Athos Services Commémoratifs board of directors.
Michel Boutin, CEO and principal shareholder of Athos Services Commémoratifs, will continue to lead the company.
photo credit: Athos Services Commémoratifs
Walter Capital acquires a significant stake in Urgel Bourgie and Lépine Cloutier
New investment, supported by the Bourgie-Bovet family, in Athos Services Commémoratifs, which owns and operates the Urgel Bourgie and Lépine Cloutier banners
MONTRÉAL, November 19, 2019 – Walter Capital Partners (“Walter Capital”), supported by investors that include the Bourgie-Bovet family, has agreed to acquire a significant stake in Athos Services Commémoratifs (“Athos”), one of Quebec’s largest funeral services companies.
This marks the first time Walter Capital has led an investment with external investors.
Founded in 2010, the growth of Athos Services Commémoratifs accelerated in 2012 after acquiring two major industry players: Urgel Bourgie in Montréal and Lépine Cloutier in Québec City. Walter Capital’s expertise and capital contribution will fuel the continued growth of Athos, which seeks to become a provincial leader in the Quebec funeral services industry and expand into new markets.
“Walter Capital is thrilled to receive support from external investors in this transaction, notably from the Bourgie-Bovet family, that returns as an investor to an industry it operated in for nearly a century with the trusted company Urgel Bourgie,” said Éric Phaneuf, Managing Partner and President, Walter Capital Partners. “Strengthened by external investors, Walter Capital will provide expertise and capital to Athos’ solid management team of experienced business leaders, supporting them and their plans for growth.”
“The Bourgie-Bovet family accepted Walter Capital’s invitation to invest in Athos because we can count on an industry leader with a proven investment model to accelerate business growth,” said Sylvie Bovet, board member of Foundation, Marc Bourgie and vice-president of Fransylval, the Bourgie-Bovet family office. Ms. Bovet, the descendent of founder Urgel Bourgie, will contribute her business experience as a new member of the Athos board of directors.
Athos is an ideal company to capitalize on two core features of the funeral services industry – stability and assured growth prospects. In this highly fragmented industry, Walter Capital and Athos can work together to scale Athos through acquisitions inside and outside Quebec, and to implement organic growth strategies. With past acquisitions, Athos and its senior management team are now well-positioned to continue building the company out from its solid foundation in Quebec.
“With Walter Capital, we are joining forces with a group that shares our values of honesty, integrity, and respect,” said Michel Boutin, CEO, Athos Services Commémoratifs. “This was very important in our search for the right partner. Not only do we anticipate strong growth prospects with Walter Capital, but we will be able to move forward while remaining faithful to what we’re known for – personalized, high-quality service that respects the beliefs and customs of the deceased and their families.”
About Walter Capital Partners
Walter Capital Partners is a private equity firm part of Walter Financial, the investment unit of the Walter Group. Its investment model combines capital inflow and operating expertise to support the growth of promising companies on solid and sustainable foundations, by drawing on the entrepreneurial background of the Walter Group and the extensive business leadership experience of its managing partners. Headquartered in Montréal, Walter Capital provides a solid international network. www.waltercapital.ca
About Athos Services Commémoratifs
Athos Services Commémoratifs is one of the largest funeral companies in Quebec, comprising funeral homes and cemeteries in Québec City, Montréal, Laval and the South Shore. The company is a member of the Réseau Signature PRF and the Corporation des thanatologues du Québec (CTQ). www.athos.ca
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Chief Operating Officer
Athos Services Commémoratifs
Source: Private Capital Journal