Propel Funeral Partners (ASX:PFP) complete acquisition of the Dils Group

Company News

by Rachael Jones

Propel Funeral Partners (ASX:PFP) has completed the acquisition of the companies that own and operate the businesses trading as Dils Funeral Services, Schnapper Rock Cremations and Rowley Funeral Services, and certain freehold properties.

The Dils Group (which operates primarily on the North Shore of Auckland in New Zealand) and Mid West Funerals (which was recently acquired and operates from Geraldton in Western Australia), conduct approximately 800 funerals per annum and generated revenue of $6.8 million combined in their last financial year.

Propel performed over 13,000 funerals and generated revenue of $110.8 million in FY20, which only included a circa eight month contribution from two other acquisitions completed in November 2019.

Shares in Propel Funeral Partners (ASX:PFP) closed 1.42 per cent lower at $2.77 yesterday.