DALLAS –Generational Equity, a leading mergers and acquisitions adviser for privately held businesses, has announced the sale of its client, Weerts Funeral Home Inc., headquartered in Davenport, Iowa, and Riverbend Cremation Service LLC, in Bettendorf, Iowa, to Service Corporation International, headquartered in Houston, according to a company news release. The acquisition closed Feb. 1, 2017. Details were not disclosed.
Weerts Funeral Home was founded in 1909 and had been acquired from the Weerts family in 2005 by David Deuth. In 2012, Deuth added the services of Riverbend Cremation and Quad-Cities Pet Cremation companies, both in Bettendorf, Iowa. All 12 employees are expected to remain with the company.
Deuth, who was diagnosed with cancer in 2016 has been retained in a consultative role by Service Corporation International. "(My wife) Linda and I have decided and agreed that the restoration of my health must be my singular focus and my number one priority," Deuth said.
SCI welcomed Weerts Funeral Home and its cremation services companies to SCI. "We are very excited to have the Weerts' high standards, tradition and team join our company, and we look forward to their continued success in the Quad Cities," said Bill O'Brien, SCI's managing director.
Service Corporation International is North America's largest funeral and cremation service provider. SCI operates more than 1,500 funeral homes and 450 cemeteries in 44 states, the District of Columbia, Puerto Rico and eight Canadian provinces.
Generational Equity Managing Director Michael Goss and his team, headed by trusted Iowa affiliates Chris Barnard and Todd McGreevy of Marigold Resources, and Generational Equity Vice President Luan Ly, led the deal to a successful close.
"When you have a buyer who listens, like the acquisition team at SCI did, our client, Mr. Deuth, and his loyal staff's concerns were addressed effectively and quickly," McGreevy said. "We were fortunate to have been on our client's deal team during such an important time in his life, and he remains in our prayers for a speedy recovery."
Posted Feb. 14, 2017