When funeral home, cremation, and cemetery company InvoCare was taken private last year by private equity firm TPG Global it pushed Propel Funeral Partners Limited to be what we believe is the largest publicly-owned death care provider in Australia and New Zealand.  And, Propel Funeral Partners is not standing still as this article from Business Desk New Zealand indicates.

 

According to the article, Propel Funeral Partners has made three acquisitions that were announced in December.  Two of these are in New Zealand and one in Australia.  Again according to the article, this will bring Propel’s ownership to 186 units between the two countries.

 

The article makes note of the New Zealand acquisitions.  I.C. Mark Funeral Directors operates two locations and includes a cremation facility.  The company has provided funerals and related services in and around Levin, New Zealand for over 50 years.

 

The second business purchased in New Zealand is Howard & Gannon Funerals which operates from one location and provides services in and around Taradale, New Zealand.  They have been in business for over ten years.

 

An Australian Stock Exchange announcement which you can find by going to the Propel Funeral Partners website here, indicates that the Australian business acquired was Norman J. Penhall Funerals which operates from one location and has served the area in and around Orange, New South Wales for over 40 years.

 

As to the acquisitions, we also learned that:

• The aggregated purchase price was AUS $ 10.6 million (US$ 7.11 million)
• The businesses generate over AUS $5 million in annual revenue (US$ 3.35 million)
• The businesses combined to perform over 700 services in the last financial year.

 

Is Propel Funeral Partners an acquisition target?  —  The Propel Funeral Partners website lists an October 23, 2023, announcement with the Australian Stock Exchange that indicates that Propel, itself, may be the target of a potential acquisition.  In that announcement, which Propel titles “Response to Media Speculation“, Propel makes the following comments:

• “Propel confirms that it has received inbound interest regarding a potential change of control transaction from multiple parties.  The nature of this interest has been unsolicited. . . . “

 

• “The Board has determined the interest received to date has not been compelling and has, therefore, elected not to engage with any party regarding this interest.”

 

• “The company has appointed Barrenjoey as financial adviser and Corrs Chamber Westgarth as legal adviser and will continue to update the market in accordance with its continuous disclosure obligations.”

 

More news from the world of Death Care:

• Cemetery locks front gate, prompting families to jump through hoops.  Video news story and print article.  WFTV Channel 9 – Orlando (FL)
• Approximately 330 people have been buried at the Hinds County Paupers Cemetery since 2008.  Here’s their names.  Video news story and print article.  WLBT TV 3 – Jackson (MS)
• Can I spread my loved one’s ashes at Ohio Stadium?  Lake Erie?  Here’s what to know.  The Columbus Dispatch (OH)
• Opinion:  Will Maryland take crematory pollution and environmental justice seriously?  The Baltimore Sun (MD)

 

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