invocare.com.au ↗
Acquired1 known investors
Australian funeral director and cremation operator, formerly ASX-listed, acquired by TPG Capital in 2023.
Also known as ASX:IVC · InvoCare · InvoCare Limited
Investors · 1
Company profile
researched Aug 2026InvoCare is an Australian funeral care provider, described in press coverage as the country's largest, operating as a funeral director and cremation business and headquartered in Sydney. It was formerly listed on the Australian Securities Exchange under the ticker IVC.
In 2023 the company was the subject of a takeover by private equity firm TPG Capital, which already held roughly a fifth of the register. The transaction, valued at approximately A$1.8 billion, was implemented on 24 November 2023, with shareholders receiving either cash of $12.10 per share (the $12.70 consideration less a 60-cent special dividend) or unlisted scrip in the acquiring holding company, and the company proceeded to delist from the ASX.
Business model
InvoCare operated funeral homes, cemeteries and crematoria, generating revenue from funeral and cremation services. Its earnings were reported on an EBITDA basis, with first-half 2023 guidance of A$61-63 million against A$68.5 million in the prior corresponding period, reflecting softer market volumes and inflationary pressure on margins.
Fees from funeral services and cremations.
Latest developments
The TPG Capital scheme was implemented on 24 November 2023. Shareholders received their cash or scrip consideration, the board was reconstituted with the departure of Bart Vogel, Keith Skinner, Megan Quinn, Kim Anderson, Kee Wong and Richard Davis and the appointment of Vincent Wong and Nicholas Kay, and the company moved to apply for removal from the official ASX list.
▸Full profile — market position, geography, history, risks & controversies
Market position
Described in press coverage as Australia's largest funeral care provider. Commentary at the time of the takeover pointed to Australia's ageing demographics and recent increases in mortality as supportive of the business, while the company itself flagged a challenging macroeconomic environment with softer volumes and inflationary cost pressure.
Geography
Australia, with head office in Sydney.
History
InvoCare was listed on the Australian Securities Exchange under the ticker IVC. TPG Capital approached the company in March 2023 with an offer of $12.65 per share, which the board rejected, and returned in May with a conditional $13 per share proposal subject to due diligence. After two one-week exclusivity extensions and a period in which TPG signalled it would walk away unless the price was lowered, the parties signed a scheme implementation deed in August 2023 at $12.70 per share plus a 60-cent fully franked dividend. Trading in IVC shares was suspended after the close on 3 November 2023 as part of the delisting process, and the acquisition was implemented on 24 November 2023, at which point most of the incumbent board stepped down in favour of directors nominated in connection with the transaction.
Risks & controversies
In the first half of 2023 InvoCare flagged a challenging macro environment, with softer market volumes and inflationary pressures compressing margins, and guided to lower EBITDA than the prior year. The TPG takeover process itself was protracted: the initial March offer was rejected, a higher May proposal was conditional on due diligence, exclusivity was extended twice without explanation to investors, and TPG at one point indicated it would walk away unless the price was reduced, during which the share price slid.
Compiled by commissioned research from 5 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 3
launches, deals, and filingsThe TPG Capital acquisition was implemented, with shareholders receiving cash consideration of $12.10 per share (the $12.70 offer less a 60-cent special dividend) or unlisted scrip in HoldCo. The deal was reported as worth about $1.8 billion, with TPG already holding about a fifth of InvoCare. Directors Bart Vogel, Keith Skinner, Megan Quinn, Kim Anderson, Kee Wong and Richard Davis departed the board, replaced by Vincent Wong and Nicholas Kay.
As part of the delisting from the ASX, trading in IVC shares was suspended after the close on Friday 3 November 2023, with the company intending to apply for removal from the official ASX list the following Monday.
InvoCare's board unanimously recommended a scheme implementation deed with private equity firm TPG Capital at A$12.70 per share plus a 60-cent fully franked dividend, a 42% premium to the closing price on 6 March before TPG's initial approach. Earlier offers of $12.65 per share (March) and a conditional $13 per share (May) preceded the final terms. The deal was reported at about A$1.83 billion and remained subject to shareholder and regulatory approval.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 5
primary sources listed
- Invacare Australia | Medical & Mobility Products | Yes You Caninvacare.com.au · web
5 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does invocare.com.au ↗ do?
- Australian funeral director and cremation operator, formerly ASX-listed, acquired by TPG Capital in 2023.
- Who are invocare.com.au ↗'s investors?
- invocare.com.au ↗'s investors include Artesian.