Propel Funeral Partners Ltd (ASX: PFP) has announced it’s latest acquisition 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 funeral services businesses. The three businesses include:
- Berry Funeral Directors located in Norwood, Adelaide
- Glenelg Funerals located in Glenelg, Adelaide
- State of Grace which operates from two locations in Auckland
Together, the businesses perform approximately 1,200 funerals per annum and generated combined revenue of $9.0 million in the most recent financial year. Propel Funeral Partners expects the acquisition to be earnings accretive in year one.
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. This is not in the interests of grieving families and family owned funeral homes”.
Supporting Independent Funeral Homes!
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.