- Funeral company InvoCare (IVC) will purchase pet cremation businesses, Family Pet Care and Pets in Peace, for nearly $50 million
- This purchase will see the company become the market leader in pet cremation and pet afterlife services in Australia
- Family Pet Care is the country's leading pet cremation services, while Pets in Peace is the largest in Queensland
- The acquisitions are expected to deliver a combine annual revenue of around $19.3 million
- On market close, InvoCare is up 3.42 per cent and is trading for $11.50 per share
InvoCare (IVC) has agreed to purchase shares of Family Pet Care and the business and assets of Pets in Peace for $49.8 million.
The purchases will create a national footprint for InvoCare and will position its self as the market leader in pet cremation and pet afterlife services in Australia.
Family Pet Care, based in Perth, and is the country's leading pet cremation service. It conducts approximately 52,000 pet cremations annually through two brands — Lawnswood and Edenhills.
Pets in Peace is the largest pet cremation service provider in Queensland and performs around 14,000 pet cremations annually from its four locations.
The acquisitions are expected to deliver a combine annual revenue of around $19.3 million and earnings before interest, tax, depreciation, and amortisation (EBITDA) of $5.2 million.
InvoCare is a global company operating funeral homes, cemeteries and crematoria around Australia, New Zealand and Singapore. It entered the pet industry in 2018.
CEO Martin Earp says the purchases are a significant expansion into pet cremation services.
"We are excited to complete these transactions as they are both very high-quality businesses providing exceptional levels of customer service. Expanding the pet cremation business is a natural evolution for InvoCare providing opportunities to
leverage its decades of operating in the end of life market," he said.
"In addition, it is our belief that our deep experience in memorialisation in our core business will transfer across to the pet sector given the increasing trend
towards the humanisation of the pet industry," he added.
Under the deal, the current owners and leadership teams of both businesses will remain in place.
"It’s a good fit as both of our businesses are culturally aligned in bringing a more professional approach to every aspect of what we do," Family Pet Care's Lance Stringer said.
"We help our clients through a really tough time when their pet passes and it is often not very different to the feelings that people experience when losing human family members," he added.
Martin Hopp from Pets in Peace is also excited for the next stage in the company's journey.
"21 years ago our dream was to be able to offer our four-legged family members the same dignified farewell as we offer other family members," he told the market.
"We know the high service standards that Pets in Peace have set will continue and the families we help will receive the best possible farewell for their fur babies," he added.
On market close, InvoCare is up 3.42 per cent and is trading for $11.50 per share.