Propel Funeral Partners Ltd (ASX: PFP) race to compete with Invocare (ASX: IVC) is about to take another step, at the expense of grieving families in Geraldton, Western Australia.
In an open briefing to Shareholders [25 August 2020], Propel Funeral Partners announced that it has executed a conditional sale agreement to acquire Mid West Funerals in Geraldton in Western Australia, for approximately $1.1 million. Mid West Funerals performs approximately 120 funerals and generates approximately $0.7 million of revenue, per annum. Completion of the Mid West Funerals acquisition is expected to occur by 31 December 2020.
Who is Propel Funeral Partners?
Propel Funeral Partners is the second largest ASX listed funeral company in Australia. 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 Australia and New Zealand.
In Western Australia, they own the Seasons Funeral Group, Archer & Sons (Bunbury, WA) and now Mid West Funerals (Geraldton, WA).
Why is this bad news for families in Geraldton?
The funeral industry in Australia is currently estimated to be $1.5 billion and is currently dominated by two ASX listed companies, InvoCare & 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 families in Geraldton”. “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.
Shop Around with eziFunerals!
Although choosing between a corporate owned funeral brand or smaller independent funeral home is a personal question, consumers should know who owns their local funeral home and shop around.
By choosing to use the services of an 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 in Geraldton, WA by filling in a simple and easy quote request form.
eziFunerals supports individuals and families cope 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.