- Insurance group Grupo Catalana Occidente acquires Mémora
- Mémora is a leading funeral group in Spain and Portugal
- Ontario Teachers’ acquired Mémora in 2017
LONDON, UNITED KINGDOM – Ontario Teachers’ Pension Plan Board (‘Ontario Teachers’) today approved the sale of funeral home Mémora Group (‘Mémora’) to Spanish insurance company Grupo Catalana Occidente for an enterprise value of approximately €600 million. The purchase is subject to the usual regulatory approvals in Spain and Portugal. Ontario Teachers’ acquired Mémora in 2017.
Mémora is recognized as the leading provider of funeral services, undertakers, crematoria and cemetery management in the Iberian Peninsula. The company owns or operates 139 funeral homes, 39 crematoria and 18 cemeteries, employs approximately 1,500 people and provides approximately 50,000 funeral services annually.
Jean-Charles Douin, Senior Managing Director, EMEA, Private Capital, at Ontario Teachers’, said: “We are proud to have worked with the team at Mémora over the past five years and have helped them grow their position as a leader in Strengthen funeral services in the Iberian Peninsula. Having fulfilled our investment plan for Mémora, we now believe it is the right time to place it in good hands. We look forward to seeing the business continue to thrive under the leadership of Grupo Catalana Occidente.”
Francisco Arregui, Managing Director of Grupo Catalana Occidente, said: “This acquisition allows us to become a reference group in the funeral sector, with a presence throughout the national territory and in Portugal. Our vocation is to maintain the highest quality service in such difficult moments for families, relying on the human and management quality of the Mémora Group.”
About teachers in Ontario
The Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of $241.6 billion as of December 31, 2021. We invest in everything from equities to real estate to infrastructure in more than 50 countries and business growth Providing retirement income to 333,000 current and retired Ontario teachers.
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