Deal adds 5 new properties in the Okanagan Valley and Similkameen
TORONTO, July 5, 2018 /CNW/ - Today, Park Lawn Corporation (TSX: PLC) ("PLC") announced that it has completed the purchase of a multi-location funeral home business and a crematorium in the Okanagan Valley of British Columbia. The purchase continues PLC's successful expansion into the BC market.
"We are excited to be making a further investment in the BC market with the purchase of the Hanson Arbor Funeral Chapels," stated Andrew Clark, Chairman and CEO of PLC. "The Hanson businesses are strong performing businesses that will fit well with our existing portfolio of funeral homes in the Okanagan Valley."
Highlights of the transaction include:
- Hansons Arbor Funeral Chapels and Crematorium, owned by Ray and Kelly Hanson, consists of four funeral homes in West Kelowna, Penticton, Princeton and Keremeos, British Columbia, and one crematorium in Penticton, British Columbia.
- Total purchase price of $2.3 million, was funded from PLC's existing credit facility.
- The purchase price multiple is within PLC's publicly-stated targeted EBITDA multiple range.
"We believe in partnering with strong and professional local staff, and hope to further enhance the positive and caring experience provided to the families we serve," added Mr. Clark.
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 144 businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. PLC operates in five Canadian provinces and ten 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 expected 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 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, (416) 231-1462; Suzanne Cowan, VP, Business Development & Corporate Affairs, [email protected]