Railpen bolsters infrastructure with acquisition of Horizon cremation

The acquisition marks a significant milestone in Railpen’s commitment to delivering strong, long-term financial returns for its 350,000 members while investing in essential UK infrastructure that meets genuine community need. Horizon, founded in 2016, operates three modern, high-quality crematoria near Glasgow and Birmingham, and has a strong pipeline of greenfield development sites in underserved areas across the UK, aligning with its mission to improve the experience and accessibility of cremation services nationwide. 

Horizon will continue to be led by its founders, Jeremy Hamilton and Stephen Byfield, working in partnership with Railpen to expand its footprint in the UK crematoria market. This will include the development of new, crematoria, addressing the shortage of crematoria capacity in many parts of the UK where existing public facilities are aged and overstretched. 

Horizon’s facilities are recognised for their high standards of service, design, and environmental systems. Notably, the Hurlet Crematorium has been awarded “Best Crematorium in Scotland” at the Scottish Funeral Awards in both 2022 and 2024, demonstrating Horizon’s dedication to providing dignified, local, and high-quality end-of-life services. The business operates a B2B model, providing cremation services to funeral directors and direct cremation specialists, ensuring flexibility and choice for communities during the most sensitive times. 

Tim Grimstone, Investment Manager at Railpen, said: “Our investment in Horizon is directly aligned with Railpen’s purpose of securing the future for our members by delivering strong, diversified investment returns while having a positive impact on the communities in which we invest. The UK is facing a clear demographic need for new, high-quality crematoria, and Horizon’s award-winning track record and commitment to sensitive, well-designed facilities positions them to meet that demand. By backing Horizon’s growth, we are investing in critical social infrastructure that will provide sustainable income streams to support our members’ pensions.” 

Jeremy Hamilton, Director of Horizon, added: “Being backed by a UK pension scheme with a long-term outlook aligns perfectly with our vision for sustainable growth. Our commitment to excellence and a community-focused approach is strengthened by Railpen's support, allowing us to address the shortage of crematoria capacity and meet the growing demand for modern, well-designed facilities. Horizon has continued to expand our footprint, deliver best-in-class facilities, and enhance ESG credentials - with over 10,000 trees planted and generated nearly 8,000 kWh of renewable electricity. We remain committed to quality and sustainability as we look to expand Horizon in partnership with Railpen." 

Horizon represents an important addition to Railpen’s Infrastructure holdings and is aligned to its strategy of identifying and supporting businesses that address structural gaps in essential services. 

Beyond the financial returns this investment will generate for Railpen’s members, the partnership with Horizon will deliver meaningful benefits to local communities, ensuring that families across the UK have access to dignified, modern, and locally available cremation services. 

Railpen was advised by CMS (legal), PwC (financial and tax) and CIL (commercial). Horizon and Maven Capital Partners were advised by Burness Paull (legal).