Propel Funeral Partners Limited entered into a conditional sale agreement to acquire business, assets and certain freehold properties of Dils Funeral Services for AUD 23.6 million.
December 11, 2018
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Propel Funeral Partners Limited (ASX:PFP) entered into a conditional sale agreement to acquire business, assets and certain freehold properties of Dils Funeral Services for AUD 23.6 million on December 12, 2018. The consideration for the transaction and related transactions shall comprise NZD 17.1 million (AUD 16.2 million) in cash, issuance of 1.21 million shares of Propel Funeral Partners which will be subject to a three year escrow arrangement and payment of NZD 1.25 million (AUD 1.19 million) in cash if certain financial milestones are achieved during three years following completion of the transactions. As of August 25, 2020, cash consideration payable on completion for acquisition of Business, assets and certain freehold properties of Dils Funeral Services amounted to AUD 20.5 million and Propel Funeral Partners Limited will issue shares equivalent to the value of AUD 3.1 million. In related transactions, Propel Funeral Partners entered into conditional sale agreements to acquire business, assets and certain freehold properties of Schnapper Rock Cremations, Rowley Funeral Services and Martin Williams Funeral Directors. Propel intends to fund the cash consideration, if any, payable on completion from existing cash reserves and its AUD 50 million undrawn debt facility. Stephen Dil, Managing Director of Dils Funeral Services will join the board of Propel New Zealand, while continuing as Managing Director of Dils Funeral Services. The transaction is subject to confirmatory due diligence and relevant consents from third parties. As of October 14, 2020, final condition precedent involving a third party was recently satisfied. The transaction is completion is expected to occur in 2019. As of August 26, 2019, the transaction is expected to close in second quarter of 2019 and again expected to close in second quarter of 2020. As of November 19, 2019, the transaction is expected to close in third quarter of 2020. As of February 27, 2020, the transaction is expected to be completed by June 30, 2020. As of May 8, 2020, Transaction is expected to complete by September 30, 2020. As of August 25, 2020, the transaction is expected to be completed by December 31, 2020. As of October 14, 2020, the transaction is expected to be complete in November 2020. The transaction is expected to be earnings accretive in year one for Propel.
Propel Funeral Partners Limited is an Australia-based company that is engaged in the provision of death care related services in Australia and New Zealand. The Company owns and operates businesses, properties, infrastructure, and related assets in Queensland, New South Wales, Victoria, Tasmania, South Australia, Western Australia, and New Zealand. Its geographic segments include Australian operations and New Zealand operations. The Company provides services to individuals and families dealing with, or preparing for, death and bereavement. This includes the collection and transfer of the deceased, mortuary services, arranging and conducting a funeral, cremation, burial, and memorialization. The Company is also acquiring and/or establishing death care assets, such as funeral homes, cemeteries and crematoria and related properties and infrastructure. The Company operates from 185 locations, including 38 cremation facilities and nine cemeteries.
Propel Funeral Partners Limited entered into a conditional sale agreement to acquire business, assets and certain freehold properties of Dils Funeral Services for AUD 23.6 million.
PROPEL FUNERAL PARTNERS LIMITED 
