NERA Provides Analysis in SCI's Acquisition of Stewart Enterprises

24 January 2014

New York/San Francisco -- NERA Economic Consulting assisted Service Corporation International (SCI), North America's largest provider of funeral, cremation, and cemetery services, during the US Federal Trade Commission's (FTC) review of SCI's proposed acquisition of the second-largest funeral, cremation, and cemetery services provider in North America, Stewart Enterprises (Stewart).

NERA Academic Affiliate Dr. Elizabeth Bailey, Adjunct Professor at the University of California, Berkeley's Haas School of Business, assisted SCI's outside legal counsel, Shearman & Sterling LLP and Hunton & Williams LLP, during the extensive review by the FTC and eight state attorneys general of the proposed acquisition of Stewart by SCI. NERA's team, led by Dr. Bailey, helped counsel address competitive concerns raised by the FTC in over 100 geographic areas, including multiple markets where the commission’s concerns focused on specific ethnic and religious populations. NERA's team also assisted SCI and its counsel in responding to the FTC's Request for Additional Information, commonly referred to as a "Second Request."

Partner Jessica Delbaum of Shearman & Sterling said "The assistance provided by Liz Bailey and the economists at NERA throughout the FTC's investigation, including the Second Request compliance process, was invaluable." Amanda Wait, partner at Hunton & Williams, commented "NERA's in-depth industry knowledge and rigorous analytical techniques were extremely useful in addressing competitive concerns raised by the FTC and, ultimately, reaching agreement with the FTC."
On December 23, 2013, SCI announced its completion of the $1.4 billion deal after it reached an agreement with the FTC requiring it to divest 91 locations, with 2012 EBITDA of approximately $53 million.

About NERA

NERA Economic Consulting ( is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For over half a century, NERA's economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world's leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation.

NERA's clients value our ability to apply and communicate state-of-the-art approaches clearly and convincingly, our commitment to deliver unbiased findings, and our reputation for quality and independence. Our clients rely on the integrity and skills of our unparalleled team of economists and other experts backed by the resources and reliability of one of the world's largest economic consultancies. With its main office in New York City, NERA serves clients from more than 25 offices across North America, Europe, and Asia Pacific.