Park Lawn Executes on its Growth Strategy and Completes Acquisition in Missouri
TORONTO, ON / ACCESSWIRE / November 28, 2022 / Park Lawn Corporation (TSX:PLC, PLC.U) ("Park Lawn" or "PLC") is pleased to announce that it has completed the acquisition of substantially all the assets of Park Lawn Funeral Home and Memorial Park …
TORONTO, ON / ACCESSWIRE / November 28, 2022 / Park Lawn Corporation (TSX:PLC, PLC.U) ("Park Lawn" or "PLC") is pleased to announce that it has completed the acquisition of substantially all the assets of Park Lawn Funeral Home and Memorial Park Cemetery & Green Lawn Cemetery, Park Lawn Northland Chapel and Glenridge Cemetery in Kansas City and Liberty, Missouri (collectively "Park Lawn Missouri"). The Park Lawn Missouri acquisition further expands PLC's footprint in and around the Kansas City metropolitan market through the addition of one on-site, one stand-alone funeral home and one stand-alone cemetery.
"We are pleased to continue building our strong operating position in the Kansas City market through the strategic acquisition of the Park Lawn Missouri businesses," said J. Bradley Green, Chief Executive Officer of PLC. Mr. Green continued, "These high performing complementary businesses will provide operational synergies for PLC's legacy businesses in the area, as well as our recent Muehlebach acquisition. We are honored to welcome the Park Lawn Missouri businesses and their teams into our family."
"We are proud to have served the greater Kansas City communities for over 100 years and look forward to maintaining strong ties with our families through our partnership with PLC," said Hank DeVry, former owner of Park Lawn Missouri.
Highlights of the transactions include:
- The addition of one (1) on-site; one (1) stand-alone funeral home; and one (1) stand-alone cemetery.
- The transaction represents 657 calls per year and 404 interments per year and is expected to be financed with funds from PLC's credit facility and available cash on hand.
- The Park Lawn Missouri acquisition is expected to add approximately US$1,256,990 in Adjusted EBITDA annually.
- 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 the transaction is within PLC's publicly-stated targeted Adjusted EBITDA multiple range for its historical transactions.
About Park Lawn Corporation:
PLC 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). PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. PLC operates in three Canadian provinces and seventeen U.S. states.