Propel Funeral Partners Limited (ASX:PFP) executed binding sale agreement to acquire Charles Berry & Son Pty. Ltd. for AUD 16 million on September 14, 2021. In related transactions, Propel Funeral Partners Limited (ASX:PFP) executed binding sale agreements to acquire State of Grace and Glenelg Funerals. For the combined consideration of all three acquisitions Propel Funeral Partners Limited will pay AUD 17.6 million of which AUD 15.2 million in cash to be paid on completion of the proposed transactions, AUD 0.2 million via the issue of 52,546 ordinary shares which will be subject to escrow arrangements for up to 3 years from completion of the relevant transaction and AUD 2.2 million which will be payable in cash if certain financial milestones are achieved during the three years following completion of the relevant transactions. Propel Funeral Partners Limited had expanded and extended its senior debt facilities with Westpac to AUD 200 million and that it had available funding capacity of approximately AUD 107.6 million for the proposed transactions. The transaction is subject to regulatory approval and other customary conditions and is expected to be completed by December 31, 2021.

Propel Funeral Partners Limited (ASX:PFP) completed the acquisition of Charles Berry & Son Pty. Ltd. on October 1, 2021.