SYDNEY, AUSTRALIA: Propel Funeral Partners Limited has executed binding sale agreements to acquire three funeral services businesses and related assets and infrastructure for total consideration of up to $17.6 million.
The proposed acquisitions of funeral services businesses will expand the Company’s network in Australia and New Zealand, facilitating Propel’s entry into a new metropolitan market (Adelaide) and expansion in an existing metropolitan market (Auckland).
The three proposed acquisitions relate to:
− Berry Funeral Directors: a fourth generation family business located in Norwood which has been supporting Adelaide families with personal, professional funeral services since 1934;
− Glenelg Funerals: a family owned business located in Glenelg which has been providing funeral services in Adelaide for over 25 years; and
− State of Grace: a funeral services provider, which focuses on enabling families to personally care, and make specific home-based funeral arrangements, for their loved ones, and which operates from two locations in Auckland.
The proposed acquisitions are expected to be completed by 31 December 2021.
Propel is listed on the Australian Securities Exchange and is the second largest private provider of death care services in Australia and New Zealand. Propel currently operates from 136 locations, including 32 cremation facilities and 9 cemeteries.