Supporting local ownership to help grow established business for the future
TORONTO, Nov. 12, 2018 /CNW/ - Park Lawn Corporation (TSX: PLC) ("PLC" or the "Company") is pleased to announce it has made a $6.2 million secured debt investment in Humphrey Funeral Home A. W. Miles - Newbigging Chapel Limited ("Humphrey Funeral Home" or "Humphrey") in Toronto, Ontario. Humphrey Funeral Home is a prestigious operation that has been serving Toronto families for over 135 years.
"We are excited to be partnering with the professional and caring team at Humphrey. Their roots in the community and quality of service are unmatched," stated Andrew Clark, Chairman and CEO of PLC. "We believe that our involvement with Kim Hunter and the Humphrey team will further enhance the positive and caring experience provided to the families they serve."
"When Bruce Humphrey decided to retire, I turned to Andrew Clark and his team at PLC to assist in financing my long-time aspiration to purchase the business where I have worked for over 26 years," stated Kim Hunter, President and Owner, Humphrey Funeral Home. "It was important to me to find a company that understood the history of the firm and our commitment to excellence. I'm looking forward to this new partnership with PLC as our profession changes and evolves."
Highlights of the transaction include:
- Humphrey Funeral Home was recently sold by Bruce Humphrey to Kim Hunter, who will become the new President and Owner. Mr. Hunter is a licensed funeral director and has been with the Humphrey organization since 1992.
- $6.2 million debenture bears interest at 5% and is convertible into equity of Humphrey Funeral Home on maturity.
- Investment financed with cash from PLC's existing credit facility.
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 twelve US 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 impact of the investment on the future performance of Humphrey and PLC. 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 the PLC will operate in the future, expected revenues, expansion plans and the 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 protected], (416) 231- 1462