Propel Funeral Partners (ASX:PFP) has executed a conditional sale agreement to acquire the funeral business, crematorium and memorial gardens of Newhaven Funerals in North Queensland for approximately $4.1 million.
Newhaven North Queensland operates from Mackay and Cannonvale and it conducts approximately 200 funerals and over 300 cremations per year.
As part of the proposed transaction, Propel will acquire an 8 acre property in Mackay with a crematorium, chapel and memorial gardens.
It will lease the property in Cannonvale.
The Vendor will continue to own and operate its funeral and crematoria operations in South East Queensland, and Propel will have a licence to use the “Newhaven Funerals” brand in North Queensland.
Shares in Propel Funeral Partners (ASX:PFP) closed up 3.1 per cent to $2.99 yesterday.