Park Lawn Corporation Announces Investment in Mundell Funeral Home Limited

TORONTO, ONTARIO--(Marketwired - Feb. 11, 2016) -

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Park Lawn Corporation (TSX VENTURE:PLC) ("Park Lawn" or the "Company") is pleased to announce that it has acquired an 80% interest in Mundell Funeral Home Limited, the leading provider of funeral services in Orillia, Ontario and surrounding areas. Highlights of the transaction are as follows:

• Park Lawn to acquire 80% of Mundell Funeral Home Limited for total consideration of $3,350,000 in cash
• John Mundell will retain, indirectly, a 20% ownership in Mundell Funeral Home Limited which, under certain conditions and subject to regulatory and other consents, may be converted into common shares of Park Lawn
• Park Lawn's investment is specifically designed to enhance the delivery and scope of services being offered to Mundell's at-need and pre-need client families
• With the synergies that are expected, the transaction will be accretive to earnings Park Lawn's shareholders
• The acquisition falls within the multiple range for precedent transactions in the death care industry of between 5.0x and 8.5x EBITDA

John Mundell, the third generation of Mundell family funeral directors and President of Mundell Funeral Home Limited, said, "We are very excited about our partnership with Park Lawn Corporation. It will allow the Mundell family to continue to be involved in serving Orillia and area with the highest standard of caring and compassionate funeral service which our community has come to expect from our firm over our 102 years in business in Orillia."

Park Lawn has a long history of partnering with progressive independent funeral home operators in Ontario, Quebec, Manitoba and Saskatchewan. The ownership, management and staff of Mundell Funeral Home share with Park Lawn similar business philosophies, long-term goals, and the highest regard for standards of customer service.

"Our recent partnership with the Mundell family is underpinned by a strong emphasis on 'team' culture and maintaining close connections with the communities in which we operate," said Andrew Clark, CEO of Park Lawn.

About Park Lawn

Park Lawn Corporation provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). The Company owns and operates six cemeteries in the Greater Toronto Area and operates the crematorium at the Brampton Crematorium and Visitation Centre. The Company also operates Tubman/Cadieux Funeral Homes in the Ottawa region and Parkland Funeral Holdings in Manitoba and Saskatchewan. The Company's Harmonia business currently operates under license in Quebec City, Laval, Saint-Apollinaire and Saint-Georges.