Ontario Teachers' buys Iberian funeral business from 3i Group

U.K. private equity firm 3i Group has sold Mémora Group, an Iberian funeral services provider, to Ontario Teachers’ Pension Plan. The purchase price was not disclosed; however, 3i said the deal generated proceeds of £117 million ($194 million). Based in Barcelona, Mémora operates 115 parlours, 24 crematoriums, 13 cemeteries and 91 retail outlets in the Iberian Peninsula. It was bought by 3i in 2008. Ontario Teachers' Senior Managing Director Jo Taylor said Mémora "presents a unique opportunity to invest in a sector we have extensive experience in." Earlier in 2017, the pension fund acquired French funeral services provider OGF.

DealsCanadaNorth AmericaBriefs