The second-largest provider of funeral services in Australia and NZ has bought two New Zealand companies working in the industry.
Propel Funeral Partners told the Australian stock market in an announcement on Tuesday that it had a binding agreement to buy I.C. Mark Funeral Directors and Howard & Gannon Funerals.
I.C. Mark has been based in Levin for 50 years. The business includes a cremation facility and services the wider Horowhenua region.
Its website says Ian and Patricia Mark started the firm in 1973, then Ian Mark’s son Denis bought it 17 years ago.
Howard & Gannon Funerals has been in Napier for more than 10 years and services Hawke's Bay. The business was owned by its directors, Ross Gannon and Julie O'Brien.
The two purchases — and another in Australia — take Propel’s ownership to 186 sites across both countries.
Propel has bought not only the business operations but also related assets, infrastructure and freehold real estate.
Although Propel has not stated how much it paid for each business, its outlay for the three of them combined was A$10.6 million (NZ$11.44m).
