InvoCare Limited (ASX: IVC) is pleased to announce it has entered into a conditional sales agreement to acquire the business and assets of Archer & Sons Funeral Homes (“Archers”) based in the south west region of Western Australia. The proposed acquisition is anticipated to complete on 20th July 2018.
Archers operate from two sites located at Bunbury and Manjimup in the south west region of Western Australia which includes two fully operational funeral homes complete with mortuary facilities. The business conducts around 330 funeral services and generates revenue of circa $2.4m per annum.
Archers has been part of the south west community of WA for almost 30 years with a reputation for providing a genuine, compassionate and sincere service for local families. The purchase represents an exciting opportunity for InvoCare to secure a quality business in this fast-growing region and provides a further platform for growth of its regional strategy.
Martin Earp, InvoCare’s Chief Executive Officer and Managing Director said: “Archer & Sons Funeral Homes provides us with another high-quality business to continue the growth of our regional strategy by building on the success of a business that is well established in the local community. The south west region of WA has significant potential for growth and we look forward to working with the Archer Family to ensure a smooth transition and identify further opportunities to service families in the surrounding towns and districts.”
Mervyn, Margaret, Brett, Rita, Derek and Carla Archer all agreed: “Our family has spent many years establishing a strong presence in the region by providing a supportive and caring service to our client families. Also, we are proud to have built a strong team of likeminded, dedicated staff. Over the last few months we have got to know the InvoCare team well and trust that they will continue to carry on our legacy for both our staff and the families they serve”.
InvoCare, headquartered in Sydney, is the largest provider of funeral services in Australia, New Zealand and Singapore. It is also the largest operator of private cemeteries and crematoria in Australia. InvoCare operates in excess of 250 funeral homes and 16 memorial parks.
InvoCare intends to fund the transactions from its existing financing facilities.
For immediate release. For more details, contact Fergus Kelly on (02) 9978 5290, 0412 922 029 or email@example.com