Australian public company funeral services provider InvoCare announced over the weekend that they successfully completed an underwritten institutional placement of A $65 million (about $US 46 million). You can read about and see a news clip from the Australia Finance News Network here.
InvoCare says that the capital raise will be applied to their strategic growth initiative. The company also says it is excited by its growth outlook and its Regional Growth Strategy.
Funeral Director Daily take: We think that this certainly says that InvoCare will continue its acquisition momentum. Being able to raise the money also gives credence to the fact that institutional investors believe that there is money to be made by this strategy.
InvoCare and its rival, Propel Funeral Partners, seem to be in the position to give Australian and New Zealand funeral directors who are willing to exit the business a great opportunity to do so.