Service Corp certainly jacked the prices up, especially the...

Service Corp certainly jacked the prices up, especially the price of coffins, when they bought businesses. It was owned by Macquarie in between times and yes Invocare have carried on from there. I don't entirely agree that it didn't work; prices went up and market share fell, the overall result was generally a greater profit but the market share erosion continues over time and IVC probably find it difficult to continue raising prices.
People have always tended to say, I want a simple funeral for myself but when the time comes, the families are the ones making the decision and are inclined to choose something more elaborate than the deceased would have chosen for themselves. That's why pre-paid funerals on average are less elaborate than at need arrangements.
I agree there is opportunity for the small guys but it takes a long time in the funeral industry to gain brand awareness. Difficult to take market share away from IVC in the short term. I think it has been and will continue to be a slow decline in market share although the big spend on facility upgrades will help with retention.
Not sure what the rules are with limitations on companies having market dominance and their ability to keep on acquiring new businesses but if IVC are forced to buy in more regional areas then their market share will be tested even more. People in country towns all know the local funeral director, he's a member of their bowling club and their Rotary club and their son plays footy with his son. When the business is sold to IVC or PFP everyone knows about it and loyalty is lost much faster than in cities. Additionally it is more difficult for them to take advantage of pooled resources from the city, so staff and vehicle costs are higher. Up to now I think that's been a bigger problem for PFP than IVC.