3i has sold Iberian funeral services company Mémora to Ontario Teachers’ Pension Plan.
The transaction has generated 3i proceeds of £117m (€133.5m), which compares to a valuation of £86m in March 2017.
“During our investment period, Mémora has cemented its leading market position in the provision of funeral services in Spain and Portugal,” Pablo Echart, director at 3i Spain, said.
Founded in 2001 and headquartered in Barcelona, Mémora is one of the largest funeral services players in the Iberian market, with a total of 115 parlours, 24 crematoriums, 13 cemeteries and 91 retail outlets.
“By partnering with the market leader, we will build on Mémora’s strong business foundations, and grow its geographical footprint, while supporting the delivery of a best in class customer relations model,” said Jo Taylor, senior managing director of Ontario Teachers’.
“Mémora presents a unique opportunity to invest in a sector we have extensive experience in and fits our investment mandate perfectly,” Taylor added.
Ontario Teachers acquired a 41 per cent stake in French funerals business company OGF from Pamplona Capital Management in 2015. In April the Canadian pension plan bought an additional 33 per cent stake in OGF, becoming the majority shareholder.