Carriage Services, the public company death care consolidator and operator based out of Houston, Texas, announced last week that they had made a major acquisition in the Buffalo, New York, market. In this press release you can read from Yahoo Finance, the company announced that they had acquired the four locations of the Lombardo Funeral Homes in the Buffalo market.
According to the release, the firm is a 3rd generation firm, operated since 1984 by Joseph P. Lombardo, the grandson of founder Joseph Lombardo, Sr. Lombardo, Sr. founded the firm in 1907. Lombardo Funeral Homes is, according to the press release the largest funeral home provider in Western New York and serves approximately 2,000 families annually out of their four locations.
Joseph P. Lombardo is quoted in the press release, “I spoke with four different companies and decided a partnership with Carriage Service was the best fit for me and my business. Carriage understands my local operating strategy which allows me to continue to focus on growing my business and still give back to my community. . . . Through this new strategic partnership, I will continue to lead Lombardo Funeral Homes and remain the premier provider to our families in the Buffalo area.”
In the press release, Carriage Services CEO Mel Payne is also quoted, “The remarkable progress we have made over this past year to restore the revenue and earning power of our existing portfolio of funeral homes and cemeteries has enabled us to once again return to our long term vision of growth by highly selective acquisition as well as through improved operations in our existing portfolio. Here is a link to the Carriage Services web-site that that also has a small notice about the Lombardo acquisition. According to that information, the Lombardo Funeral Home, as late as the 1980’s, consisted of only one funeral home and served only 40 families annually. For the past 30 years it has made remarkable strides in its growth.
Carriage Services now operates 183 funeral homes and 29 cemeteries according to information contained in the press release.
Related: In August Carriage Services created an investor presentation that highlights, among other things, their locations and some of their acquisition target attributes. You can access that document here.