Crédit Mutuel Equity has acquired a minority stake in Athos Services Commémoratifs, the owner and operator of Urgel Bourgie and Lépine Cloutier funeral service banners. Financial terms were not disclosed.
Crédit Mutuel Equity, formerly CIC Capital, joined Walter Capital Partners and the Bourgie-Bovet family, as investors/shareholders in Athos. Walter Capital Partners and the Bourgie-Bovet family acquired a significant stake in Athos in October 2019.
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.
photo credit: Athos Services Commémoratifs
News Release
Crédit Mutuel Equity acquires a minority stake in Athos Services Commémoratifs
The owner of the Urgel-Bourgie and Lépine Cloutier banners pursues its growth objectives
MONTREAL, Jan. 08, 2020 (GLOBE NEWSWIRE) — Crédit Mutuel Equity is proud to announce an investment in the capital of Athos Services Commémoratifs (“Athos”), a leader in Quebec’s funeral services industry. Crédit Mutuel Equity is the private equity subsidiary of Crédit Mutuel Alliance Fédérale, one of the largest banking groups in France, and includes the North American growth capital activities.
“Crédit Mutuel Equity is very pleased to have been selected as the growth partner for Athos and will actively support the development of this exceptional Quebec group as it pursues its objectives. We’re also very proud to partner with the Athos management team, whose values of respect, integrity and excellence have earned them an outstanding reputation,” stated David Dickel, Managing Director, Crédit Mutuel Equity.
“With an institutional investor such as Crédit Mutuel Equity, we can accelerate our growth while continuing to offer high-quality, personalized services in line with our espoused values. Crédit Mutuel Equity’s recognized expertise in the funeral services industry, combined with our solid understanding of the Quebec market, will give us a significant edge as we aim to consolidate the highly fragmented sector where we operate,” said Michel Boutin, President and CEO, Athos Services Commémoratifs.
Athos was founded in 2010, and the acquisition of two industry leaders, Urgel-Bourgie in Montreal and Lépine Cloutier in Quebec City, has contributed to the company’s significant growth in recent years.
About Crédit Mutuel Equity
Crédit Mutuel Equity (formerly CIC Capital) is the private equity subsidiary of Crédit Mutuel Alliance Fédérale and carries out venture capital, growth capital and buyout activities.
Crédit Mutuel Equity supports business leaders at all stages of their companies’ development, from seed phase to buyout, by providing them with the means and the time required to implement their transformational projects. Crédit Mutuel Equity brings together a network of over 350 business leaders and entrepreneurs who share similar convictions and can benefit from one another’s experience, no matter the nature of their projects. Using its own funds (€3.0 billion), Crédit Mutuel Equity makes investments tailored to the time horizons and growth strategies of the companies in which it invests, whether in France, Canada, the United States, Germany or Switzerland.
About Athos Services Commémoratifs
Athos Services Commémoratifs is one of the largest funeral companies in Quebec, with funeral homes and cemeteries in Quebec City, Montreal and Laval as well as on Montreal’s 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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