Propel Funeral Partners Limited (ASX:PFP) agreed to acquire Funeral service businesses and related assets of Harbour City Funeral Home and Terry Longley & Son for AUD 38 million on July 10, 2023. Under the terms of agreement, Propel Funeral Partners will pay AUD 36 million at completion of acquisition, further issuance of 282,830 ordinary shares of about AUD 1 million which will be kept in escrow will be released after 3 years of completion and up to AUD 1 million which will be payable in cash if certain financial milestones are achieved during the three years following completion of the acquisition. The cash required to complete the acquisitions will be funded from Propel?s recently expanded and extended senior debt facilities of AUD 74 million. Together the businesses generated revenue of AUD 12 million in last financial year. The transaction is expected to complete in first half of FY 2024.
Propel Funeral Partners Limited (ASX:PFP) completed the acquisition of Funeral service businesses and related assets of Harbour City Funeral Home and Terry Longley & Son on August 21, 2023.