TM Capital, a division of Capstone Partners, advised Fidelity Memorial Group—a leading provider of funeral services—on its recapitalization by Saw Mill Capital. The transaction closed in October 2025, and terms of the deal were not disclosed.
Fidelity Memorial Group, in partnership with Nyx Partners, was formed in 2019 to leverage its entrepreneurial experience and expertise in integrating acquisitions, unlocking sales growth, and realizing scale advantages. The business currently operates more than 40 funeral homes, cemeteries, and crematories across the Southeast and Midwest and has established itself as a preferred acquirer for independent operators in its markets. They have built a reputation for preserving legacies, fostering community relationships, sharing resources, and supporting local operations. For more information on Fidelity Memorial Group, visit here.
The transaction underscores a period of significant transformation and consolidation in the funeral home industry. As cremation trends, cost pressures and the post-pandemic normalization of death rates reshape the market, new opportunities are emerging for well-positioned investors.
Saw Mill Capital, a White Plains, NY-based private equity firm, partnered with the Fidelity Memorial Group team to continue building the company into a super-regional platform with a trusted reputation and steadfast commitment to service excellence. For more information on Saw Mill Capital, visit here.
