Park Lawn/Everstory Partners agree on properties sale
Park Lawn Corporation announced yesterday in this press release that they have reached an agreement to sell at least 83 death care properties, consisting of 72 cemeteries and 11 funeral homes to Everstory Partners, the new brand of the former StoneMor company.
Here’s what the press release states: “The divestiture includes 72 cemeteries in Kentucky, Michigan, North Carolina and South Carolina and 11 funeral homes in Kentucky and North Carolina.”
And here is what Park Lawn Corporation CEO, J. Bradley Green says in his prepared comments contained within the press release: “This transaction represents the divestiture of a portfolio of legacy businesses which, by their nature, do not fit within Park Lawn’s long-term growth strategy. The teams operating these businesses are completely aligned with our vision and mission, and they have been successful in maintaining a level of profitability consistent with the type, size and location of these businesses. Nonetheless, we determined that refining our portfolio in this manner will assist us in improving our margin mix to better align with our long-term strategy. Also, this will allow us to redeploy our capital resources to acquire businesses that offer stronger long-term profit potential. Park Lawn has identified a purchaser who can continue to support and grow these businesses outside of the pressures of the public markets.”
In a release issued on behalf of Everstory Partners, their Chief Investment Officer William Corbett made this comment, “We are excited to add these properties as it aligns with our desire to continue to grow as a private company. The addition of this portfolio puts Everstory in a better position to offer a comprehensive range of cemetery and funeral solutions while expanding our service to new communities and families.”
Everstory Partners is a deathcare company that owns and operates cemetery, funeral and crematory locations throughout the United States and Puerto Rico. According to information on the Everstory Partners website, as of June 13, 2023, they operated 385 death care properties which included 304 cemeteries, 70 funeral homes, and 11 crematories.
According to the Park Lawn Corporation press release “The transaction is valued at approximately US$70 million consisting of US$55 million in cash and the remaining US$15 million in deferred compensation. . . “
Here is the information as released by Everstory Partners
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- Hartsdale Canine Cemetery settles $250,000 crematory dispute. Westfair Business Journal (NY)
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