More independent funeral homes bite the dust with Propel Funeral Partners Ltd (ASX: PFP) latest announcement to expand the company’s network in Australia and New Zealand.
Propel has advised the ASX and shareholders that it has executed binding sale agreements to acquire three more independent funeral homes for A$6.9 million.
The proposed acquisitions will expand the Company’s network in Australia and New Zealand, facilitating Propel’s entry into two new metropolitan markets (Geelong, VIC and New Plymouth, NZ) and expansion in an existing metropolitan market (Perth, WA).
The proposed aquisitions relate to:
- Carol and Terry Crawford Funerals (Crawford Funerals), which has been operating in and around Geelong for over 20 years;
- McKee Funerals, which has been operating in metropolitan Perth for over 20 years; and
- Eagars Funerals, which has been operating in and around New Plymouth for over 60 years.
Together, the businesses perform approximately 500 funeral and related services per annum and generated revenue of approximately A$3.4 million in their most recent financial year.
Who is Propel Funeral Partners?
Propel Funeral Partners is the second largest private provider of death care services in Australia and New Zealand. The company listed on the Australian Stock Exchange in late November 2017 and own funeral homes, cemeteries, crematoria and related assets in Queensland, New South Wales, Victoria, Tasmania, South Australia, Western Australiaand New Zealand.
Why is this bad news for consumers?
The funeral industry in Australia is currently dominated by two ASX listed companies, InvoCare and Propel Funeral Partners.
Peter Erceg, Founder of eziFunerals said, “This latest acquisition by Propel Funeral Partners may be good news for shareholders, but not for grieving families”. “InvoCare and Propel Funeral Partners continue to increase their footprint and buy out small operators to increase their market share, at the expense of consumers”, he said.
According to eziFunerals, “unless consumers know who owns their local funeral home and shop around, they will continue to hit with rising costs and a lack of choice. The loss of competition is not in the interests of grieving families and family owned funeral homes”.
Support your local independent funeral home
Choosing between a corporate owned funeral brand or smaller independent funeral home is a personal question.
If a more personalised service is important to you, you should ask who owns and operates the funeral home you are considering. By choosing to use the services of a smaller independent funeral director, listed with eziFunerals, you are selecting the help of a locally owned and trusted professional – who can help you anywhere, anytime. They are not distracted or bound by large company rules handed down from head office and can be flexible and responsive to individual needs, providing a highly personal and compassionate service.
So make the right choice and get value for money by selecting an independent and family owned funeral director to conduct your funeral.
If you need a Quick Quote, you can connect with independent funeral directors by filling in a simple and easy quote request form.
eziFunerals supports individuals and families coping with end of life decisions, death and funerals. We are an independent, Australian-owned and operated company. We are not part of any other funeral company.
Our member Funeral Directors operate in Sydney, Melbourne, Brisbane, Perth, Adelaide and Australia wide. They are chosen for their knowledge, quality, service, personalisation and experience. They go above and beyond, and will take the time to support the family.
For more information or to make contact with a trusted Independent funeral director, call eziFunerals on 1300 236 402 or visit www.ezifunerals.com.au.