Western Catalan has closed the purchase of the funeral home memory for 387.5 million. The operation has been signed in Canada, headquarters of the current owner of the group, Ontario Teacher’s Pension Plan Board and with the Mémora team.
The acquired company has 85% of the Funeral Services of Barcelona, that were privatized in their day. The other 15% is from a subsidiary of Catalana, He was assistingso that if the agreement is definitively closed, the insurer will have 100% of this company.
Mémora manages funeral homes in the Catalan capital Sancho de Ávila, Les Corts, Sant Gervasi, Collserola, as well as L’Hospitalet, Esplugues de Llobregat, Molins de Rei, Manresa, Artés, Balsareny, Navás, Súria, Sallent or Santpedor.
The value of the company is about 600 million. The purchase is subject to the relevant authorization by the regulatory authorities of Spain and Portugal. The acquisition has been advised by the Cuatrecasas law firm and the Deloitte consultancy.
With this operation, Catalana Occidente increased its weight in the national funeral sector, which it reinforced in 2016 with Previsora Bilbaína, and entered the Portuguese market. The insurer began its entry into the funeral business in 2001 with the acquisition of Lepanto y Nortehispaniaspecialized in deaths.
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Mémora, the leading funeral group in the Iberian Peninsula, owns or manages 139 funeral homes, 39 crematoriums, 18 cemeteries and has a staff of around 1,500 people who provide around 50,000 services per year.
Grupo Catalana Occidente is one of the leaders in the Spanish insurance sector and in credit insurance in the world. It has more than 7,300 employees, is present in more than 50 countries and provides services to more than 4,000,000 policyholders. Its network consists of nearly 1,500 offices and 17,000 mediators. Apart from the group’s brand and the death branches, it has brands such as Plus Ultra, Seguros Bilbao, Crédito y Caución or Atradius. At the end of 2021, it ranked fifth in the Spanish market and second worldwide in credit insurance.