Houlihan Lokey Advises Sereni and Its Shareholders

Houlihan Lokey is pleased to announce that Sereni, the leading funeral services buy-and-build platform in Belgium, Germany, and Poland, has secured a minority investment from All Seas Capital and Netley Capital (Netley). All Seas Capital will join existing shareholders as a new partner in a transaction that includes both primary and secondary capital. Houlihan Lokey acted as the exclusive financial advisor to Sereni and its shareholders, including Netley, Vermec NV (Vermec), and Around Partners (Around). The deal was closed on 3 March 2026.

Headquartered in Antwerp, Belgium, Sereni is the leading funeral services platform, spearheading the consolidation of fragmented markets in Belgium, Germany, and Poland, supported by a track record of acquiring independent practices. Founded in 2016, Sereni was created with the dual vision of creating a leading consolidator in the market and enhancing the customer experience and quality of service in a modernising funeral services sector. Sereni expanded progressively through the roll-up of independent funeral service providers, initially in Belgium, and later in Germany and Poland, becoming a leading consolidating platform in the sector. Its successful buy-and-build strategy has created a strong network of over 300 locations with more than 1,500 employees. By the end of 2025, Sereni had grown into a company with more than €200 million in revenue and an EBITDA margin of more than 15%.

This partnership strengthens Sereni’s financial base by providing a balanced mix of primary and secondary capital, enabling certain investors to monetise a portion of their holding and providing additional capacity to support the company’s continued growth trajectory and strategic ambitions, including the execution of its buy-and-build strategy. The investment will fund further acquisitions and expansion initiatives across the group’s core markets. Importantly, most of the founders remain shareholders and are actively involved in the business, underscoring their long-term commitment to Sereni’s strategy and future growth. In an increasingly consolidating market, Sereni is also positioning itself as an attractive employer offering long-term prospects and international development opportunities.

All Seas Capital is a pan-European private capital firm based in London that provides flexible, non-control financing to middle-market businesses. The firm typically invests in structured capital solutions that combine debt and equity to support growth, acquisitions, and shareholder transitions, while allowing founders and management teams to retain ownership.

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.

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.

Around 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.

Houlihan Lokey acted as exclusive financial advisor to Sereni and its shareholders, running a targeted process with a select group of private equity and structured equity investors to secure the right long-term partner. Working closely with management and the shareholders throughout the process, we helped position the business and deliver a strong outcome aligned with Sereni’s strategic ambitions. This transaction builds on our successful partnership with Sereni, following our role in securing a fully committed financing package for the group in June 2025.

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