Finance

StoneMor announces sale of West Coast locations

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We learned today that a rumored divesture of West Coast assets of StoneMor Inc. has indeed been negotiated and an asset purchase agreement has been signed.

This press release from Globe Newswire indicates that StoneMor Inc. has sold all of their properties in Oregon and Washington to an entity known as Clearstone Memorial Partners, LLC.  According to this map of StoneMor properties from their website, the arrangement would look to be for approximately 19 cemetery and funeral home properties, if the numbers on the map are up to date.

The press release indicates that the cash purchase price for the entire group of properties was $6.2 million.

Here’s what StoneMor Inc. President and CEO Joe Redling had to say about the transaction, according to the press release:  ” . . . .we are completing the strategic exit from the West Coast and upon closing will have substantially optimized our footprint for improved management efficiency and cost effectiveness. While we will continue to evaluate additional divestiture opportunities on an individual basis, this transaction completes the major efforts and our team will be focused upon the continued improvement of the operating performance in our retained portfolio. With the closing of the sale of California assets, our divestiture program has resulted in total net proceeds in excess of $57 million, a sizable deleveraging of our balance sheet. Our balance sheet is now well positioned for future growth and success.”

Clearstone Memorial Partners Co-Founder Zach Edwards said the following:  “We are excited to complete this transaction and are looking forward to serving the families in the Oregon and Washington communities.  StoneMor has established a solid foundation in these markets and we intend to continue to grow and build upon that foundation.”

According to the press release, StoneMor Inc. will now own and operate 313 cemeteries and 82 funeral homes.

Here is a map from the StoneMor website showing their properties.

Who is Clearstone Memorial Partners, LLC?   Here is what the press release says about Clearstone Memorial Partners LLC: “Clearstone Memorial Partners is an operator of funeral homes, crematoriums, and cemeteries co-founded by David Deighton and Zach Edwards. Clearstone looks to further its footprint across OR, WA, and the rest of the United States.” 

Here is a website we located.

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