An investment group led by executive Frank Bango and banker Sergio Masvidal said Wednesday that it has completed the $15 million purchase of four funeral homes and three cemeteries in Miami-Dade County from Service Corporation International.
Masvidal’s Kamaway Capital Partners and Bango raised private equity funds for the purchase of Memorial Plan San Jose Funeral Home and Funeraria San Jose in Hialeah; Memorial Plan-Westchester Funeral Home in Miami and Memorial Plan Branam Funeral Home in Homestead; and cemeteries Mount Nebo Miami Memorial Plan, Flagler Memorial Park and Miami Memorial Park. FirstBank Florida provided additional financing.
Bango, an industry veteran who has served as managing director of Service Corporation International’s Hispanic division, SCI Hispana, since 2001, will serve as chief executive of the companies. They initially will continue to operate under the trade names Funeraria Memorial Plan and Memorial Plan.