Acquisition Expands Footprint in the Houston Market
TORONTO, June 27, 2019 /CNW/ - Park Lawn Corporation (TSX: PLC) ("PLC") is pleased to announce that, effective June 25, 2019, it completed the purchase of the assets of Integrity Funeral Care, a funeral business located in Houston, Texas.
"We are excited to expand our presence in Texas by adding a funeral home to complement our existing cemetery operations in the Houston market. This location will tuck-in to our Houston portfolio and is in line with PLC's growth strategy," stated Andrew Clark, Chairman and CEO of PLC.
Highlights of the transaction include:
- The purchase of Integrity Funeral Care, formerly owned and operated by David Peña, was funded with proceeds from PLC's existing credit facility;
- The purchase price multiple is within PLC's publicly-stated targeted EBITDA multiple range for transactions of this nature; and
- The purchase of Integrity Funeral Care adds a funeral business to complement PLC's existing cemetery operations in the Houston market.
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 has a North American wide platform with operations in five Canadian provinces and thirteen U.S. states.
Cautionary Statement Regarding Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable-securities laws) relating to the business of PLC and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate", "pro-forma" and other similar expressions. These statements are based on PLC's expectations, estimates, forecasts and projections and include, without limitation, statements regarding the expected purchase price multiple and the impact of the acquisition on PLC's business. The forward-looking statements in this news release are based on certain assumptions, including those regarding present and future business strategies, the environment in which PLC will operate in the future, expected revenues, expansion plans and PLC's ability to achieve its goals. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in PLC's Annual Information Form available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, PLC assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Park Lawn Corporation
For further information: Andrew Clark, Chairman & Chief Executive Officer, (416) 231-1462; Joseph Leeder, Chief Financial Officer & Director, (416) 231-1462; Suzanne Cowan, VP, Business Development & Corporate Affairs, email@example.com, (416) 231-1462