Park Lawn Solidifies its Presence on the Colorado Western Slope

TORONTO, ON / ACCESSWIRE / February 20, 2024 / Park Lawn Corporation (TSX:PLC)(TSX:PLC.U) ("Park Lawn" or "PLC") is pleased to announce that it has completed the acquisition of substantially all of the assets of Crippin Funeral Home located in Montrose, Colorado; Gunnison Funeral Services located in Gunnison, Colorado; and Grand View Cemetery located in Montrose, Colorado (collectively "Crippin"). The Crippin acquisition deepens Park Lawn's footprint in the Colorado market through the addition of two (2) stand-alone funeral homes as well as one (1) stand-alone cemetery.

"For 37 years, the Crippin businesses have proudly served Montrose and its surrounding communities. We take great pride in our ability to provide excellent professional service and guidance to our families at their time of need and are excited to partner with Park Lawn to continue this tradition," said Kelly and Gregory Crippin, former owners of Crippin.

"We are delighted to further expand our operating presence in the State of Colorado through the strategic acquisition of the Crippin businesses," said J. Bradley Green, Chief Executive Officer of PLC. Mr. Green continued, "These outstanding businesses will be an excellent addition to our existing portfolio of high-quality businesses in Colorado, and we are honored to welcome the Crippin businesses and their teams into the Park Lawn family."

Highlights of the transaction include:

• The addition of two (2) stand-alone funeral homes and one (1) stand-alone cemetery.
• The transaction represents approximately 576 calls per year, approximately 85 placements per year, and is expected to be financed with funds from PLC's credit facility and available cash on hand.
• Following the closing and integration of the transaction, the Crippin acquisition is expected to add approximately US$703,404 in Adjusted EBITDA annually.[1]
• For the 12 months ended December 31, 2022, PLC had Adjusted EBITDA of US$74,948,868 and net earnings of US$25,124,765.
• The agreed upon purchase price multiple for the transaction is within PLC's publicly-stated targeted Adjusted EBITDA multiple range for its historical transactions.

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