In what may be an indicating sign that StoneMor Inc. is beginning to come out of its realignment phase, it was announced yesterday that the Pennsylvania based consolidator and operator of cemeteries and funeral homes has acquired four cemeteries.
This press release indicates that the four properties are all located within the Eastern geographic footprint of StoneMor Inc. and that the purchase price was $5,395,000. Here’s what StoneMor Inc. CEO Joe Redling had to say about the acquisitions, “We are very excited to announce that we have entered into an asset purchase agreement to acquire four cemeteries within our East Coast geographic footprint. While this is a small first step, it represents a very important shift in our strategy from focusing on divesting assets to acquiring new locations that align with our existing portfolio.”
For the last couple of years, StoneMor Inc., in Funeral Director Daily’s opinion, has been realigning and rightsizing its company in order to get back to a competitive nature in the cemetery and funeral home acquisition and operation business. During that time period they have:
- Divested selected properties
- Consolidated their geographic footprint to that of, basically, the eastern half of the United States and Puerto Rico.
- Contracted out operations and maintenance of select cemetery properties.
Just yesterday StoneMor Inc. released its financial highlights for 2020. We hope to bring you more on that development in Monday’s edition of Funeral Director Daily.
Disclaimer: The author of this article holds a stock position in StoneMor Inc.
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