Park Lawn Corporation, the Toronto based cemetery and funeral home consolidator announced last week that they had reached an agreement to purchase Madison, Wisconsin based Cress Funeral Service for US$ 20.3 million. You can read a press release from Park Lawn here.
Park Lawn, in their press release, makes these statements:
- The price to be paid is within the company’s publicly stated EBITDA range for transactions.
- The purchase will be financed by the company’s existing credit facility.
- The acquisition will be immediately accretive to the adjusted EBITDA and adjusted earnings per share.
- The purchase will increase Park Lawn’s physical ownership by 8 funeral homes and two crematoria.
Cress Funeral Service is a family-owned entity that has a 150 year history to Madison and the surrounding area. You can see their current web-site here.
Park Lawn Corporation (PLC), in the press release, now describes itself as such. “Park Lawn Corporation provides goods and services associated with the disposition and memorialization of human remains. Prodcuts and services are sold on a pre-planned basis or at the time of a death. 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 U.S. states.