The World’s Largest Funeral Corporation Has been Given Final Approval for Purchase of the Fifth largest Funeral Group in North America by the FTC. The deal will go through only after a 30-day Public comment period at the Federal Trade commission.
Service Corporation International (NYSE:SCI) has turned to it’s 1990’s acquisition strategy to increase it’s bottom line . With current unrealized preneed losses of 43.8 Million dollars. The Funeral Industry Giant has decided to take on acquisitions to offset the recent history of Declining Revenue.
On one Level the whole deal, and I say this kindly, is quite corrupt. Financial Partners LLC, the company picking up the SCI divested properties is a newly formed company of Former Keystone Executives. They are the ones who benefited financially from the purchase, and through the new company same folks are picking up their same properties. The good old boy leading this circus is Jim Price.
Following a public comment period, the Federal Trade Commission has approved a final settlement order in the matter concerning Service Corporation International and Keystone North America, Inc. The final order settles charges that SCI’s acquisition of Keystone would have reduced competition in 16 funeral service and three cemetery markets in the United States, and requires that SCI divest properties in each market.
Pursuant to the settlement order, SCI is seeking FTC approval to sell a total of 23 funeral homes, cemeteries, and combination properties to resolve the FTC’s competition concerns raised by its acquisition of Keystone. The FTC is seeking public comment on SCI’s application
Under SCI’s request, the company would sell the 23 properties to Foundation Partners Group, LLC. The facilities are located in Arizona, California, Colorado, Georgia, Florida, Louisiana, Michigan, North Carolina, New York, South Carolina, Tennessee, Virginia, and Washington State. A
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