Acquires Malcolm, Deavitt & Binhammer Funeral Home Limited Acquisition expands Park Lawn's footprint in Ontario
TORONTO, Oct. 1, 2021 /CNW/ - Park Lawn Corporation (TSX: PLC) ("PLC" or "Park Lawn") is pleased to announce that it has acquired the assets of Malcolm, Deavitt & Binhammer Funeral Home Limited ("MDB"), a funeral home business in Pembroke, Ontario.
"This is an excellent opportunity for Park Lawn to expand its footprint in Ontario as we continue on the path to meet our stated growth objectives. The MDB funeral home will complement Park Lawn's existing locations near Ottawa. We are excited to welcome the MDB business to the Park Lawn family," stated J. Bradley Green, Chief Executive Officer of PLC.
Highlights of the transaction include:
- PLC deepening its presence in Ontario by adding one standalone funeral home in Pembroke, Ontario;
- MDB performs approximately 153 calls per year;
- The purchase of MDB was funded from cash on hand; and
- The agreed upon purchase price multiple is within PLC's publicly-stated targeted EBITDA multiple range for transactions of this nature.
https://www.newswire.ca/news-releases/park-lawn-corporation-acquires-malcolm-deavitt-amp-binhammer-funeral-home-limited-868548283.html