Propel Funeral Partners (ASX: PFP) has announced that one of its subsidiaries is now the registered holder of 97 per cent of the shares in Norwood Park.
Norwood Park is a funeral operator that performs over 2,000 cremation services per year and generates revenue of approximately $4.8 million a year.
Funeral company InvoCare (ASX:IVC) had expressed interest in Norwood Park last month but withdrew its intention.
Propel is the second largest provider of death care services in Australia and New Zealand.
Shares in Propel Funeral Partners (ASX: PFP) are trading up at 1.59 per cent $3.20.