In a press release issued yesterday from Park Lawn Corporation of Toronto, that you can read here, the company announced the acquisition of all of the outstanding membership interest of CMS Mid-Atlantic for a purchase price of approximately US $50 million.

CMS Mid-Atlantic, according to the release, operates, manages, and provides financial services for seven cemeteries – six in New Jersey and one in New York.

Other highlights of the press release include the following information:

• This acquisition continues to accelerate Park Lawn’s growth strategy while increasing its scale and diversification in the U. S. Market
• CMS Mid-Atlantic is expected to materially increase Park Lawn’s revenue and be immediately accretive to adjusted EBITDA.
• The purchase price multiple is approximately 9.4x when you consider the CMS Mid-Atlantic 12-month budgeted EBITDA of US $ 5.2 million

Funeral Director Daily take:  We have said all along that since their initial public offering we expect Park Lawn Corporation to be aggressive and in a fast growth mode.  This acquisition seems to put them instantly among the players in the United States Northeast corridor.  We continue to believe that they will be aggressive in acquisitions.

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