Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: FTC approves divestiture of SCI assets in California, Florida, and Tennessee, (Oct 21, 2014)
Organizations Mentioned:Alliance Funeral Group, Inc. | Guerra & Gutierrez Enterprises, Inc. | Guerra & Gutierrez, LLC | Miami Memorial, LLC | Service Corporation International | Stewart Enterprises, Inc.
By Greg Hammond, J.D.
The FTC has approved three Service Corporation International (SCI) applications to divest certain funeral home, cemetery, and mortuary assets to Guerra & Gutierrez LLC, Guerra & Gutierrez Enterprises, Inc., Alliance Funeral Group, Inc., and Miami Memorial LLC, pursuant to a decision and order settling charges that SCI’s acquisition of Stewart Enterprises, Inc. would be anticompetitive (In re Matter of Service Corporation International, File No. 131-0163, Docket No. C-4423).
Previously, SCI settled FTC charges by agreeing to divest 53 funeral homes and 38 cemeteries to ensure funeral home and cemetery services competition was maintained across the United States. SCI was already the largest provider of funeral and cemetery services when it proposed a $1.4 billion acquisition of Stewart, the second-largest funeral and cemetery provider with 217 funeral homes and 141 cemeteries.
The Commission approved SCI’s applications after a 30-day public comment period, allowing the company to divest the following assets:
Pursuant to a July 24, 2014 application—Greenwood Cemetery and New Gray Cemetery in Knoxville, Tennessee, to Alliance Funeral Group, Inc.;
Pursuant to a July 31, 2014 application—JT Oswald Mortuary, Custer Christiansen Mortuary, and Luyben Family Dilday-Mottell Mortuary in California to Guerra & Gutierrez, LLC and Guerra & Gutierrez Enterprises, Inc.; and
Pursuant to an August 7, 2014 application—Funeraria Memorial Plan—San Jose, Funeraria Memorial Plan—Westchester; Branam Funeral Home, Memorial Plan Flagler Memorial Park, and Memorial Plan Miami Memorial Park in Florida, to Miami Memorial, LLC.
Companies: Service Corporation International; Stewart Enterprises, Inc.; Alliance Funeral Group, Inc.; Guerra & Gutierrez, LLC; Guerra & Gutierrez Enterprises, Inc.; Miami Memorial, LLC
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