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Park Lawn Expands its Colorado Presence by Entering the Western Slope

TORONTO, ON / ACCESSWIRE / October 5, 2022 / Park Lawn Corporation (TSX:PLC, PLC.U) ("Park Lawn" or "PLC") is pleased to announce that it has strategically enlarged its presence in Colorado by expanding into the Western Slope through:Completing the …

TORONTO, ON / ACCESSWIRE / October 5, 2022 / Park Lawn Corporation (TSX:PLC, PLC.U) ("Park Lawn" or "PLC") is pleased to announce that it has strategically enlarged its presence in Colorado by expanding into the Western Slope through:

  • Completing the acquisition of substantially all of the assets of Ertel Funeral Home & Crematory ("Ertel"), a stand-alone funeral home located in Cortez, Colorado serving the families of Dolores and Montezuma Counties and the Ute Mountain Ute and Navajo tribes.
  • Entering into a definitive agreement to acquire substantially all of the assets of Taylor Funeral Home ("Taylor") consisting of three stand-alone funeral homes and one on-site funeral home and cemetery combination located in Delta, Cedaredge, Hotchkiss and Paonia, Colorado. The Taylor transaction is anticipated to close in early November 2022 following the receipt of regulatory approval.
  • Entering into a definitive agreement to acquire substantially all of the assets of Brown's Cremation & Funeral Service ("Brown's"), a stand-alone funeral home located in Grand Junction, Colorado. The Brown's transaction is anticipated to close in early November 2022 following the receipt of regulatory approval.

"Through the addition of the Ertel, Taylor and Brown's businesses, Park Lawn has established a firm commitment to serving the families of the Western Slope of Colorado," said J. Bradley Green, Chief Executive Officer of PLC. Mr. Green continued, "Each of these businesses have renowned reputations and pride themselves on providing superior service within their respective communities. We are honored to welcome each of them to the Park Lawn family."

Highlights of the transactions include:

  • The addition of five (5) stand-alone funeral homes; and one (1) on-site funeral home and cemetery.
  • The combined transactions represent 1,738 calls per year and 35 interments and are expected to be financed with funds from PLC's credit facility and available cash on hand.
  • Following the closing and integration of all three businesses, the Ertel, Taylor and Brown's acquisitions are expected to add approximately US$1,618,393 in Adjusted EBITDA annually.1
  • For the 12 months ended December 31, 2021, PLC had Adjusted EBITDA of US$76,284,577 and net earnings of US$27,812,866.
  • The agreed upon purchase price multiple for each of the transactions is within PLC's publicly-stated targeted Adjusted EBITDA multiple range for its historical transactions.

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Park Lawn Expands its Colorado Presence by Entering the Western Slope TORONTO, ON / ACCESSWIRE / October 5, 2022 / Park Lawn Corporation (TSX:PLC, PLC.U) ("Park Lawn" or "PLC") is pleased to announce that it has strategically enlarged its presence in Colorado by expanding into the Western Slope through:Completing the …

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