Park Lawn Corporation Expands Funeral Home Operations with Saskatchewan Investment
Dec 01, 2017, 08:30 ET
Deal expand operations into Yorkton Saskatchewan
TORONTO, Dec. 1, 2017 /CNW/ - Today, Park Lawn Corporation (TSX: PLC) ("PLC") announced a $1.96 million investment, through Parkland Funeral Holdings, Inc., a partially-owned subsidiary, in Christie's Funeral Home and Crematorium, a well-established funeral home operation in Yorkton, Saskatchewan.
"The investment in Christie', which is in partnership with Joe Coffey, increases our presence in the local market and builds upon our existing operations in Manitoba and Saskatchewan," stated Andrew Clark, Chairman and CEO of PLC.
Highlights of the transaction include:
- Founded in 1882, Christies' Funeral Home and Crematorium is the oldest continually operating business in Yorkton, Saskatchewan, and has been owned and operated by Vern Novak and Cathy Novak for the last 22 years.
- Christie's will be operated locally by Joe and Kim Coffey, PLC's existing business partners in several operations in Manitoba and Saskatchewan
- The purchase price multiple is within PLC's publicly-stated targeted EBITDA multiple range.
"We believe in working with strong and professional local management and staff. Our partnerships in Yorkton will further enhance the positive and caring experience provided to the families we serve," added Mr. Clark.
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 88 businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service in Ontario, Quebec, Manitoba, Saskatchewan, British Columbia, Michigan, Kentucky, Illinois & Texas.
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 and the opportunities for synergies. 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, Chairman & 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]
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