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Electra buys Rank Leisure; Sovereign buys UK cemeteries

Two UK mid-market specialists have announced new acquisitions as part of ongoing roll-up strategies. Electra Partners Europe has bought Rank Leisure Machine Services from the Rank Group Plc for £30m through its existing investment in Danoptra. Sovereign Capital has bought Cemetery Management Ltd through its portfolio company Westerleigh.

Electra director Robert Clarke explained the firm's deal saying: ‘The acquisition of RLMS is consistent with our original strategy of supporting Danoptra to develop its amusement machine operations in a manner which would not have been possible had Kunick remained a public company.'

Electra led a public-to-private of Kunick plc in 2002 to form Danoptra.

Sovereign's investment follows on from its original acquisition of Westerleigh in 1999 and subsequent £21m buy-out of Laurel Management Services in September this year. The combined group will now handle more than 10,000 funerals a year.

Sovereign chairman John Nash said: ‘Local authorities are increasingly seeking a solution for both their crematoria and cemetery provision and the enhanced group has the experience to provide first class solutions.

This latest transaction further consolidates Sovereign Capital's position in what is becoming an active sector in the UK.'

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