Toronto based funeral home and cemetery operator Park Lawn Corporation (PLC) announced in a press release on January 2, 2020, that they had acquired two businesses under common control in Tennessee. In this release PLC announced that they had purchased the stock and membership interests of Family Legacy, LLC and WG-TN, LLC (Harpeth Hills Funeral Home and Cemetery) from William Gregory.
Both firms are located in the Greater Nashville, Tennessee area and, according to the release, “expand PLC’s strategic footprint in Tennessee”.
- From this acquisition it appears that Park Lawn Corporation will add four combination funeral/cemetery properties, eight stand alone funeral homes, and two stand alone cemeteries to its existing businesses.
- The combined acquisition will add approximately 3,000 services and 1,000 interments to the annual operations of Park Lawn Corporation.
- According to the press release, the acquisition will add $22.5 million in annual revenue and approximately $5.8 million of immediately accretive annual EBITDA to the Park Lawn Corporation books.
You can see the Family Legacy company web-site here.
You can see the Harpeth Hills web-site here.
Here is a web-site which shows current Park Lawn Corporation funeral home and cemetery locations.
Funeral Director Daily take: In early December Funeral Director Daily did an article entitled, “It’s all about Demographics”. In that article, which you can read here, we predicted two things. . . the first being that the major North American funeral home and cemetery operators will more than ever evaluate their purchases on areas of positive demographic changes as much as on funeral home operations.
Secondly, we predicted where those locations would be. And, one of them was Tennessee. According to U.S. Census statistics, the Greater Nashville area has a decadal (ten year) growth rate of 15.56%. Nashville is listed as the 36th largest consumer market in the country. The only Top 40 markets with a higher decadal growth rate are Dallas, Houston, Phoenix, Orlando, Charlotte, and Austin, Texas. Continue to look for fierce competition to acquire business in those and some other top growth markets.