InvoCare Limited (ASX: IVC) is pleased to announce the acquisition of Southern Highlands Funerals based in Moss Vale, New South Wales.
Southern Highlands Funerals is a well-established business and has been supporting families in the local area for 20 years. This represents an opportunity for InvoCare to not only enter the Moss Vale district, but using the operating platform included in the acquisition, roll out our national brands (Simplicity Funerals and White Lady Funerals) in the broader Southern Highlands region.
The Southern Highlands region is an attractive one for InvoCare given its location between our core markets in South West Sydney and Canberra.
Southern Highlands Funerals is currently performing circa 100 funeral services per annum and generates revenue of approximately $0.7 million per annum. The assets purchased include the freehold property, brand, plant and equipment, motor vehicles and prepaid contracts.
Martin Earp, InvoCare’s Chief Executive Officer and Managing Director said:
“Southern Highlands Funerals represents an opportunity for InvoCare to both acquire a well-established brand and fully equipped funeral facility in Moss Vale which offers an opportunity for future expansion into the broader Southern Highlands region.”
“We continue to review acquisition opportunities in both our core and new regional markets, to provide us with the right brands in locations where we can position the business for long-term sustainable growth. Our ‘Protect & Grow’ investment plan is to grow market share in core markets and acquisitions like Southern Highlands Funerals provides us the opportunity to expand our reach into new areas.”
Founding partners of Southern Highland Funerals, Colin and Laurelle Boland said:
“We have proudly served families in the Southern Highlands since 1998. Our priority has always been to provide an exceptional service to our families and we are confident that InvoCare share these core values and will ensure the highest levels of customer service into the future.”
For immediate release. For more details, contact Fergus Kelly on (02) 9978 5290, 0412 922 029 or firstname.lastname@example.org.