Australia’s largest publicly listed funeral company, InvoCare (ASX:IVC) has just announced the successful completion of its fully underwritten institutional placement by raising around $65 million through the issue of approximately 4.64 million new Shares at a price of $14.00 per new share.

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This is part of InvoCare’s aim to raise $85 million as it pursues its Protect & Grow and Regional Acquisition strategies and to increase its market share even further, from 33% to 40% over a ten year period.

But will this capital raising be at the expense of consumers and small family owned funeral homes?

 

Who is InvoCare

InvoCare, who own well known funeral home brands such as White Lady Funerals, Guardian Funerals and Simplicity Funerals, is a public listed company on the ASX, and currently has more than 33% overall share of funeral markets in which it operates. So, if you’ve ever searched for a funeral director, you’ve probably come across one of their funeral brands. Although the names on signs outside funeral homes are well known, the revenues and profits from them flow to corporate shareholders.

InvoCare major shareholders include:

  • Mondrian Investment Partners Limited
  • Commonwealth Bank of Australia
  • Macquarie Group Limited and its controlled bodies
  • HSBC Custody Nominees (Australia)
  • JP Morgan Nominees Australia Limited

 

 

Who are InvoCare Brands

InvoCare currently operate over 290 locations and 16 cemeteries and crematoria. InvoCare has 3 national funeral brands in Australia (White Lady Funerals; Simplicity Funerals; and Value Funerals) and over 33 regional funeral home brands in different states across Australia.

 

INVOCARE NATIONAL BRANDS

 

INVOCARE BRANDS BY STATE

New South Wales & Australian Capital Territory

 

Queensland

  • Burkin Svendsens Funerals
  • City Funerals
  • Drysdale Funerals
  • Gatton Laidley Lowood Funeral Services
  • George Hartnett Metropolitan Funerals
  • Hiram Philp Funerals
  • Mackay Funerals
  • Somerville Funerals

 

South Australia

  • Blackwell Funerals
  • English Rose Funerals

 

Tasmania

  • J. A. Dunn Funeral Directors
  • Turnbull Funerals

 

Victoria

  • Charles Crawford & Sons
  • Le Pine Funerals
  • Lester & Son Funeral Directors
  • Southern Cross Funerals
  • Tuckers Funeral & Bereavement Service
  • W.D. Rose & Joseph Allison Funerals

 

Western Australia

 

Why Does This Matter

The monopolisation of any marketplace can be a bad thing for consumers, especially when they are most vulnerable. In a market economy, monopolies are able to demand higher prices for their service because they have limited competition. They can become immensely powerful and use this power and economies of scale to further benefit themselves and gain even more power. They have the ability to continually increase prices and generate vast profits for shareholders.

 

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About eziFunerals

eziFunerals supports consumers to understand their rights and helps individuals and families cope with end of life decisions and funerals. We are an independent, Australian-owned and operated company, and are not a subsidiary of any other corporation. We are not part of any other funeral company.