Hartford Business Journal

18 HARTFORDBUSINESS.COM | MAY 18, 2026 Garrett Casey Sr., owner of Casey's Eastside Memorial Funeral Home in Waterbury and Casey-O'Neil Funeral Home in Watertown, stands in front of caskets at one of his locations; he said he has recently received offers to sell his business. HBJ Photo | Michael Puffer Final Arrangements Private equity-backed funeral home operator expands in CT as industry consolidation builds succession solution, acquiring funeral homes while allowing owners to step back gradually or exit entirely. "Once we remove those adminis- trative burdens and the compliance pieces and that sort of thing, then it changes the dynamic of what they do day-to-day, and then we've certainly had owners say: 'Wow, I was going to stay on for two years, but I'd like to stay on for five years because this is really cool.'" Martel said the company expects to continue growing — projecting expansion of 25% or more this year — driven in part by an influx of private equity capital that has become a more prominent funding source in the historically undercapitalized funeral and cemetery industry. Milestone is one of several players in the consolidation space. The four Connecticut properties it acquired last year were sold by Carriage Services Inc., a publicly traded operator of 155 funeral homes in 24 states and 28 cemeteries in nine states. By Michael Puffer mpuffer@hartfordbusiness.com A quiet shift is underway in Connecticut's funeral industry, reshaping the long-standing model of family-run funeral homes. Backed by private equity, Maine- based Milestone Funeral Partners recently acquired four Connecticut funeral homes, with locations in Waterbury, Thomaston, Wolcott and Trumbull. It's part of a broader national consolidation trend that, over decades, has led to many funeral homes closing while others are absorbed into larger organizations. Milestone paid $5.4 million for the properties tied to the four locations it acquired last year, bringing its total to six in the Nutmeg State. Since launching in 2021, Milestone has built a network of about 90 funeral homes across New England and upstate New York, funded largely through private equity, said CEO and co-founder Michael R. Martel. Martel said the company prioritizes retaining existing staff — and in some cases former owners who know the communities well — and that there will be no major changes at the Connecticut locations until Milestone has spent more time evaluating each operation. "Our focus has always been New England and New York, and so we were excited to start doing business in Connecticut and becoming a good succession option for sellers in Connecticut," he said. Heirs opt out Traditional family-run funeral homes are facing mounting pres- sures, including rising costs, shifting consumer preferences and a lack of succession options. Owners often find their children do not want to remain in the family business, industry experts say. "The reason why there are so many opportunities to build a business like ours is because so many owners are retiring," Martel said, noting that key staff are also aging out of the work- force. "There is this massive retire- ment in the industry." Milestone positions itself as a Michael R. Martel FUNERAL HOMES DECLINE NATIONWIDE AND IN CT • U.S. (2006): 21,000-22,000 funeral homes • U.S. (2025): 15,400-15,700 • Connecticut (2005): 309 • Connecticut (2025): 194 Source: National Funeral Directors Association

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