Houlihan Lokey Advises Sereni

Houlihan Lokey is pleased to announce that Sereni (the group), a portfolio company backed by Vermec NV (Vermec), Netley Capital (Netley), and Around Partners, has successfully completed a refinancing of its existing debt facilities and raised additional growth capital to support its strategic acquisition plans. Houlihan Lokey acted as the exclusive financing advisor to the group. The transaction closed on 2 June 2025.

Headquartered in Antwerp, Belgium, Sereni is a fast-growing funeral services platform spearheading the consolidation of the highly fragmented markets in Belgium, Germany, and Poland, supported by a track record of successful acquisitions of independent practices. Founded in 2016, Sereni was created with the dual vision of (i) creating a leading consolidator in the market and (ii) enhancing the customer experience and quality of service in an evolving funeral services sector. Sereni expanded progressively via the roll-up of independent funeral service providers, initially in Belgium, and expanded to Germany and Poland to become a leading consolidating platform in the sector. Today, the group is one of the top players in both Belgium and Germany, delivering more than 38,000 funeral services per year across over 222 locations.

Around Partners is a private investment firm that invests in and develops fast-growing platform companies, driving long-term growth in service-orientated sectors. The firm creates pan-European businesses with a meaningful market share through a buy-and-build strategy. The focus is on small and medium-sized businesses and entrepreneurs that benefit from the network effect of the existing portfolio companies.

Netley focuses on large minority or majority stakes in European buy-and-build platforms with generational growth potential for long-term investments. The firm invests in funds targeting top-quartile European lower-middle-market managers with a buy-and-build focus and long-term outlook, as well as leading flagship secondary funds. Netley’s direct investments are primarily in the services, healthcare, and technology sectors, often via continuation vehicles of their primary managers.

Vermec focuses on businesses with the potential to consolidate (roll-outs or roll-ups) in various sectors. The family office focuses on healthy companies led by passionate entrepreneurs seeking collaboration, providing both operational and financial support throughout the partnership. Through direct investments, Vermec targets opportunities with a potential for long-term growth.

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