Service Corporation International, which completed its purchase of Jefferson-based Stewart Enterprises last week, plans to sell four New Orleans-area funeral homes as part of an agreement with the Federal Trade Commission.
Plans are to sell the Schoen Funeral Home at 3827 Canal St. in New Orleans; Greenwood Funeral Home at 5200 Canal Blvd. in New Orleans; the Tharp-Sontheimer-Tharp Funeral Home at 1600 North Causeway Blvd. in Metairie; and the Garden of Memories Funeral Home and Cemetery at 4900 Airline Drive in Metairie in the next six months. Those were among 91 properties that SCI agreed to divest itself of in order to get approval for the purchase of Stewart. Those properties posted combined 2012 earnings of $53 million, before interest, taxes, depreciation and amortization.
Houston-based SCI agreed in May to buy Stewart in a $1.13 billion cash deal that combined the two largest funeral home and cemetery operators in the U.S.
SCI said it has started talking with potential buyers about the New Orleans-based properties and expects the deals to close within the next six months. There is robust interest in the funeral homes and cemeteries, the ocmpany said.