Thursday, Service Corp. International (SCI) acquired Palm Mortuaries of Las Vegas, Nevada. The company noted that the move provides it a unique opportunity to expand its previously limited presence in one of the fastest-growing retirement areas in the U.S. Terms of the transaction were not disclosed, but SCI added that the purchase was funded through cash on hand and will be immediately accretive to earnings and cash flow.
Palm Mortuaries is one of North America's funeral and cemetery operations, with approximately $30 million in annual revenues and whose holdings include five funeral home and cemetery combination operations, three stand alone funeral homes, one flower shop and one monument shop.
Service Corp. International provides deathcare products and services. Its funeral service and cemetery operations consist of funeral service locations, cemeteries, funeral service/cemetery combination locations, crematoria, and related businesses.
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