Continues its Strategic Expansion Reaffirming its Commitment to Growth in North Carolina and Tennessee
TORONTO, Oct. 14, 2021 /CNW/ - Park Lawn Corporation (TSX: PLC) ("PLC") is pleased to announce that it has entered into a definitive agreement to acquire substantially all of the assets of Pugh Funeral Homes and New Hope Memorial Gardens (collectively "Pugh"), a business consisting of five funeral homes and one cemetery located in central North Carolina. The transaction is anticipated to close prior to the end of the month following the receipt of regulatory approval.
PLC is also excited to announce that it has entered into a definitive agreement to acquire substantially all of the assets of Smith Funeral & Cremation Service, Life & Legacy Cremation Center and Smith Event Centers, as well as Grandview Cemetery and Cremation by Grandview (collectively the "Smith" businesses), comprised of one funeral home, one combination funeral home and cemetery property and five event centers in Maryville, Tennessee. This transaction is anticipated to close in mid-November following the satisfaction of regulatory requirements.
Finally, PLC is pleased to announce that it has completed the previously announced acquisition of another strategic group of businesses in the middle Tennessee market. Effective, September 1, 2021, PLC acquired substantially all of the assets of Williamson Memorial Funeral Home & Cremation Services and Spring Hill Memorial Park, Funeral Home & Cremation Services in Franklin and Spring Hill, Tennessee, respectively (collectively the "Williamson" businesses). These businesses consist of two combination funeral home and cemetery properties.
"Each of the Pugh, Smith and Williamson businesses represent premier funeral home and cemetery businesses with esteemed reputations in their respective North Carolina or Tennessee markets. The acquisition of these businesses continues to deepen PLC's presence in rapidly expanding high-growth areas in the southern U.S. We are honored that these distinguished businesses and their long-time owners have chosen to become a part of the PLC family," stated J. Bradley Green CEO of PLC.
Highlights of the Pugh, Smith and Williamson transactions include:
- The addition of six (6) stand-alone funeral homes; one (1) stand-alone cemetery; three (3) combination funeral home and cemetery properties; and five (5) event centers.
- The combined transactions represent 2,227 calls and 612 interments per year and have been or are expected to be financed with funds from PLC's credit facility and available cash on hand.
- Following the closing and integration of the combined businesses from the three transactions, the Pugh, Smith and Williamson businesses are expected to add approximately US$6.2 million in EBITDA.
- The agreed upon purchase price multiples for each of the three transactions are within PLC's publicly-stated targeted EBITDA multiple range for transactions of this size and nature.
https://www.newswire.ca/news-releases/plc-continues-its-strategic-expansion-869877882.html