Catalana Occidente buys the Mémora funeral group for €387.5 million

BarcelonaThe Grup Catalana Occidente, led by the Serra Farré family, has reached an agreement to buy the Mémora group from the global investor Ontario Teacher’s Pension Plan Board and the management team of the funeral home for 387.5 million euros, subject to some financial adjustments. According to the insurer, the estimated value of Mémora is 600 million, and it is the largest funeral home in the whole State.

The purchase is conditional on the approval of the regulatory authorities in both Spain and Portugal, where the funeral group also operates. In this way, Catalana Occidente increases its presence in the burial and cremation sector in the State and enters the Portuguese market.

Mémora manages 139 funeral homes, 39 crematoria and 18 cemeteries, employs around 1,500 people and manages around 50,000 services annually. In addition, with the purchase operation, advised by Cuatrecasas and Deloitte, the Mémora Foundation is also acquired, whose objective is “to be a benchmark in the field of care for people at the end of life, supporting and improving care for people and families in this process and for the professionals who are involved in their care”, according to the company in a statement.

In July 2017, the entry of the Canadian pension fund Ontario Teacher’s Pension Plan Board into the funeral group was announced for 500 million euros. Thus, the fund entered the capital of the Mémora group five years ago and its general manager, Jean-Charles Douin, has stated in the statement that they are now leaving having completed the planned investment plan.



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