InvoCare Limited (ASX: IVC) is pleased to announce it has entered into two conditional sales agreements to acquire the businesses and assets of Grafton & District Funerals and Clarence Valley Funerals, collectively known as Grafton & District Funerals based in Grafton, New South Wales. The proposed acquisitions are anticipated to complete by mid-August 2018.
Grafton & District Funerals operate from two locations servicing the Clarence Valley region of NSW. The business conducts around 300 funeral services and generates revenue of circa $2.0 million per annum. The assets purchased includes two fully equipped funeral homes with mortuaries, freehold properties and prepaid contracts.
Grafton & District Funerals is the leading funeral provider in the Clarence Valley and has been servicing the families of the region for over 35 years. The acquisition represents a further opportunity for InvoCare to acquire a quality business to support its expansion into regional markets.
Martin Earp, InvoCare’s Chief Executive Officer and Managing Director said: “Grafton & District Funerals provides InvoCare with a strategic opportunity to enhance our business and continue the growth of our regional strategy on the North Coast of NSW. We are excited that Jim Summers, General Manager, has selected InvoCare to continue the legacy of Grafton & District Funerals in the Clarence Valley region and welcome the team and the local community to our business.”
Jim Summers from Grafton & District Funerals said: “Grafton & District Funerals has been a trusted provider of funeral services to the Clarence Valley region for many decades. We are delighted to be joining InvoCare and gaining access to their metropolitan and regional network and support services. I look forward to remaining with the team and working together with InvoCare as the business enters its next phase of growth.”
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 firstname.lastname@example.org