June 3, 2011
/PRNewswire/ -- Service Corporation International (NYSE: SCI), the largest provider of deathcare products and services in
, today announced that it has acquired 70% of the outstanding shares of The Neptune Society, Inc. Neptune is the nation's largest direct cremation organization, with annual revenues of more than
and a network of 30 locations in nine states. Through an active preneed sales program, Neptune has built a backlog of future revenues of more than
. Neptune operates under the brand names Neptune Society, Neptune Cremation Service and Trident Society.
Neptune's owner, BG Capital Management Corp., a diversified private equity company, will continue to hold 30% of the outstanding shares, and the company will continue to be managed by its current Chief Executive Officer,
"We look forward to welcoming Neptune's associates into the SCI family of businesses," said
Thomas L. Ryan
, SCI President and CEO. "This partnership is a wonderful opportunity for us to join forces with the largest and fastest growing direct cremation company in
. Neptune serves a segment of the market that will continue to grow and that we do not currently target through our traditional funeral service and cemetery network. In addition to building on Neptune's successful growth and customer service we will be able to yield immediate synergies by providing back office and fulfillment support through SCI's infrastructure."
, CEO of Neptune commented, "In our stage of rapid growth and development, it is the perfect time to partner with a company having SCI's scale, resources and capital. Neptune is a great organization with fabulous employees and we are all excited to pursue the tremendous growth prospects ahead of us."
About Service Corporation International
Service Corporation International (NYSE: SCI), headquartered in
's leading provider of deathcare products and services. At
March 31, 2011
, we owned and operated 1,398 funeral homes and 381 cemeteries (of which 218 are combination locations) in 43 states, eight Canadian provinces, the
District of Columbia
. Through our businesses, we market the Dignity Memorial(R) brand which offers assurance of quality, value, caring service, and exceptional customer satisfaction. For more information about Service Corporation International, please visit our website at
. For more information about Dignity Memorial(R), please visit
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