ICG Infra agrees to acquire Westerleigh Group from Ontario Teachers' and USS

ICG, the global alternative asset manager, today announced that it has reached an agreement to acquire the Westerleigh Group (“Westerleigh” or “the Company”), a leading independent developer and operator of crematoria and cemeteries in the UK.

ICG’s European Infrastructure team (“ICG Infra”) will acquire Westerleigh from Ontario Teachers' Pension Plan (“Ontario Teachers’”) and Universities Superannuation Scheme (“USS”), which have jointly owned the business since 2016, supporting a period of significant growth for the Company. ICG Infra will partner closely with Westerleigh’s existing management team, led by Chief Executive Officer Debbie Smith, to support continued investment across the Company’s existing network, development of new locations, and enhancement of its service offering.

Founded over 30 years ago, Westerleigh is the UK's largest private operator of crematoria and cemeteries, providing services to communities across England, Scotland and Wales. The Company operates 42 crematoria and has built a strong reputation for high-quality care. Under Ontario Teachers’ and USS’s ownership, Westerleigh has expanded its network significantly in recent years and is the UK's largest developer of new crematoria, opening 21 since 2016, with additional sites under development. The Company has also continued to invest in its existing estate and service offering, including through the rollout of its SuperVenue concept, which enables families to create more personalised funeral services, and through the development of its cremation funeral plan offering.

For ICG Infra, the partnership aligns closely with its emphasis on key infrastructure, focusing on essential businesses with non-GDP-correlated characteristics and resilient demographic fundamentals. The transaction follows the €3.15bn close of ICG Infra’s second fund in 2025 and recent investments in Paulo Duarte Group and Comcreta.

Ludovic Laforge, Managing Director, ICG European Infrastructure, said:
“Westerleigh provides an essential service to communities across the UK and has established a leading and highly reputable network of social infrastructure assets. We are very happy to partner with the Company and its management team. Westerleigh is a strong fit with our strategy, and we look forward to supporting its next phase of growth.”

Debbie Smith, Chief Executive Officer of Westerleigh Group, added:
“At Westerleigh, our priority has always been to provide exceptional care to the families and communities we serve. ICG Infra shares our commitment to investing in our people, facilities and services, and brings a long-term perspective that aligns closely with our ambitions. We are grateful to Ontario Teachers’ and USS for their partnership and support since 2016, which has helped strengthen and grow the business. We look forward to working with ICG Infra as we continue investing in our network and developing new locations, in response to the resilient demand for our services across the UK.”

James Adam, Senior Managing Director, Infrastructure and Natural Resources at Ontario Teachers’, added:
“Over the last decade, we have been proud to support and partner with Westerleigh’s management team as it has strengthened its position as a leader in the sector, expanded its network, and continued to invest in providing the highest quality of care and services to families. We wish ICG Infra and the Westerleigh team continued success in their next stage of growth.”

Rob Horsnall, Head of Direct Equity, Private Markets Group, Universities Superannuation Scheme, added:
“We are proud of what has been achieved throughout our investment in Westerleigh and have enjoyed a close working relationship with the management team and our partners at Ontario Teachers’. During our involvement, Westerleigh has doubled its number of sites while maintaining a focus on delivering high-quality crematoria facilities and, most importantly, continues to deliver an exceptional service rooted in compassion. We would like to thank the management team for their dedication and have every confidence that the business will continue to thrive in its new partnership with ICG Infra.”

Completion of the transaction remains subject to customary regulatory conditions and approvals and is expected to complete in Q4 2026.

For further information please contact:

ICG
Clare Glynn
Head of Corporate Communications
+44 20 3545 1395
Clare.Glynn@icgam.com

Ontario Teachers’
Henrietta Dehn
media@otpp.com

USS
USS Corporate Affairs
Josh Sarsons / Alistair Peck
MediaTeam@uss.co.uk

Notes to Editors

About ICG
ICG (LSE: ICG) is a global alternative asset manager with $126bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.

*As at 30 June 2026.

About Ontario Teachers’
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $279.4 billion as of December 31, 2025. Ontario Teachers’ is a fully funded defined benefit pension plan, and it invests in a broad array of asset classes to deliver retirement security for 346,000 working members and pensioners. For more information, visit otpp.com and follow us on LinkedIn.

About Universities Superannuation Scheme
Universities Superannuation Scheme (USS) was established in 1974 as the principal pension scheme for universities and Higher Education institutions in the UK. We work with around 320 employers to help build a secure financial future for almost 599,000 members and their families. We are one of the largest pension schemes in the UK, with total assets of around £84bn (at 31 March 2026). For more information, please visit our website.