Deal will add four properties in the Okanagan Valley
TORONTO, Feb. 21, 2017 /CNW/ - Today, Park Lawn Corporation (TSX: PLC) ("PLC") announced that is has completed the purchase of two funeral homes, a crematorium and a discount funeral operation in the Okanagan Valley of British Columbia. The purchase continues PLC's expansion in Canada and the US.
"We are pleased to be making our first acquisition in the BC market with the purchase of Providence Funeral Homes and Credible Cremations in the Okanagan Valley," stated Andrew Clark, Chairman and CEO of PLC. "We believe that this market shares similar characteristics to the other markets in which we operate in Canada."
Highlights of the transaction include:
- Providence Funeral Homes & Crematorium, owned by Ron Crooker, consists of a funeral home and separate crematorium site in Penticton, BC and a funeral home in Summerland, BC.
- Credible Cremations Services Ltd, a low-cost funeral service provider in the Okanagan Valley, also owned by Ron Crooker.
- Total purchase price of $1,896,650, paid for with cash raised from PLC's November 2016 bought deal public offering.
- The purchase price multiple is within PLC's publicly-stated targeted EBITDA multiple range.
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 34 cemeteries in Ontario and Michigan, 17 crematoria and 29 funeral homes, chapels and planning offices in Quebec, Ontario, Manitoba, Saskatchewan, British Columbia.
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 impact of the acquisition on PLC's business. The forward-looking statements in this news release are based on certain assumptions, and they 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, Chief Executive Officer, 416-231-1462; Joseph Leeder, Chief Financial Officer, 416-231-1462; Suzanne Cowan, VP, Business Development & Corporate Affairs, 416-231-1462, [email protected]