April 2011: Grupo Memora (“Memora”) acquires an additional 36% shareholding in Serveis Funeraris de Barcelona (“SFB”) in a transaction valued in €190 million.
SFB is the leading funeral services company in the city of Barcelona, with 4 funeral parlours, and one of the leading companies of the sector. Memora is the market leading funeral services provider in the Iberian Peninsula. In 2010 Memora provided more than 44,000 funeral services and 13,000 cremations with 118 funeral parlours, 20 crematoria and 25 cemeteries, with sales in excess of €150 million.
Memora already owned a 49% stake in SFB, and with this acquisition increases its shareholding to 85%. Barcelona City Hall holds the remaining 15%. Simultaneously, (i) Barcelona City Hall acquires Memora’s stake in Cementiris de Barcelona, (ii) Memora completes a capital increase and (iii) completes a global refinancing of its debt, raising €260 million with 10 banks.
Memora was acquired in November 2008 by listed UK private equity fund 3i, that completed this this investment to support and accelerate Memora’s development and to drive the consolidation and profesionalisation of the funeral services sector.
SOCIOS advises Memora and 3i on all aspects of the transaction financing and execution.