We learned last week that a transaction announced in October 2023 had been closed prior to the New Year.  The transaction that you can read about in this press release from Park Lawn Corporation included the sale of 72 cemeteries and 11 funeral homes, and one crematory from Park Lawn Corporation to Everystory Partners.

 

According to this release from Everstory Partners published on December 20, 2023, Everstory will now take over the assets that are spread over four states —  Michigan, North Carolina, South Carolina, and Kentucky.  According to the press release Everstory will now provide cemetery, crematory, and funeral services at 469 locations located in 22 states and Puerto Rico.

 

According to Park Lawn Corporation CEO J. Bradley Green in the company’s December 20 press release the divestiture of these assets “marks an important milestone in the execution of Park Lawn’s long-term strategy. . . . Park Lawn has now refined its portfolio and, moving forward, is well positioned to focus solely on its core business strategy while also improving our leverage and liquidity position”.

 

It was made public in the October press release from Park Lawn Corporation that the transaction would be valued at approximately $70 million.  It was further stated that $55 million of that price would be in cash and the remaining $15 million would be paid within five years, bearing a 10% interest rate until that time.

 

Here is a map showing Everystory Partners 469 locations

Here is a map showing Park Lawn’s 173 funeral homes and 73 cemeteries

 

Funeral Director Daily take:  Now that this transaction has been consummated there are some in the death care world that are interested in how the transaction may be the first act in the Park Lawn Corporation’s (PLC) seemingly sharpening of their focus.  The transaction sold mostly cemeteries so does that mean that PLC will be focusing on funeral homes or is there other ideas on how the $70 million transaction price will be utilized?

 

CEO Green’s comments give us some ideas when he states in the press release that PLC “is well positioned to focus solely on its core business strategy while also improving our leverage and liquidity position”.

 

As for Everstroy Partners I think an acquisition of this size probably means that they are making headway in their turn-around of the former StoneMor company and making some additions to add scale.

 

More news from the world of Death Care:

• Robert W. Waid, Waid-Coleman Funeral Homes welcome new partner.  The Meadville Tribune (PA)
• For at least 6 months state failed to act on Carlinville funeral director that mishandled remains.  Illinois Public Media News (IA)
• Bridgenorth funeral director and campaigner raises 55,000 pounds (US $70,000) for child bereavement charity.  Shropshire Star (Great Britain)
• Bristol mortuary to charge for delayed body collection.  BBC News (Great Britain)

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