Grupo Catalana Occidente has reached an agreement to acquire Grupo Mémora, a leading funeral group in the Iberian Peninsula, from global investor Ontario Teachers' Pension Plan Board (Ontario Teachers’) and Mémora’s management team, for 387.5 million euros subject to certain financial adjustments. The estimated Enterprise value is around 600 million euros. The purchase is subject to standard regulatory approvals in Spain and Portugal.
In this way, the insurance group will significantly increase its footprint in the national funeral sector and enter the Portuguese market for the first time, through the acquisition of a specialist group with recognised prestige in funeral services.
A leading funeral group in Spain
The Grupo Mémora is a leading funeral group in the Iberian Peninsula whose activities span funeral services, funeral parlours, crematoriums and cemetery management. It owns or operates 139 funeral parlours, 39 crematoriums, 18 cemeteries, and employs approximately 1,500 professionals, through which nearly 50,000 services are provided annually.
The Managing director of Grupo Catalana Occidente, Francisco Arregui, said that “this acquisition allows us to become a reference group within the funeral sector, with a presence throughout the national territory as well as in Portugal. Our vocation is to maintain the highest quality service during such difficult moments for families, relying on the human and management quality of Grupo Mémora”.
The Senior Managing Director, EMEA, Private Capital of Ontario Teachers', Jean-Charles Douin, expressed his satisfaction with the agreement, stating that “we are proud to have worked with the Mémora team over the last five years and to have helped it reinforce its position as a leading funeral services company in the Iberian Peninsula. Having delivered on our investment plan for Mémora, we now feel that it is the right time to leave it in good hands. We look forward to watching the business continue to flourish under the stewardship of Grupo Catalana Occidente”.
The Mémora Foundation was also acquired with this transaction, whose mission is to be a benchmark in the field of end-of-life care, supporting and improving the care of individuals and families in this process and the professionals involved in their care.
The law firm Cuatrecasas and the consulting firm Deloitte advised Grupo Catalana Occidente on the deal.
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