• Acquires two long-established funeral services providers in New Zealand
• Expands Propel's network into two new regional markets in New Zealand
• Total consideration of up to ~A$7.3 million for the acquisitions

Propel Funeral Partners Limited (ASX: PFP) has executed binding legal documentation to acquire two long-established funeral services providers as well as related assets, infrastructure (including three cremation facilities) and real estate in New Zealand. The acquisitions will expand Propel's network into two new regional markets in New Zealand. The total consideration payable for the two acquisitions is up to ~A$7.3 million. The acquired businesses, Twentymans Funeral Services and Thames Crematory, and Richmond Funeral Home and Clareville Crematorium, generated ~A$3.7 million of revenue and conducted ~600 funerals in their last financial year. Propel will acquire 3 of the 7 properties and lease the remaining 4, with purchase options over 3 of those properties. The cash required to complete the acquisitions will be funded from the Company's debt facilities. Subject to satisfaction of customary conditions, the acquisitions are expected to be completed in the second half of FY25 and to be earnings accretive in year one.

The acquisitions are expected to be earnings accretive in year one.