In this press release, that was released on Tuesday, April 11, we learned a little more about the evolution of StoneMor Inc. as it has transformed to a private company from a public stock ownership company.  The press release announces that StoneMor Inc., and its grouping of 389 cemeteries, funeral homes, and cremation locations in the United States and Puerto Rico, has changed their corporate name to Everstory Partners effective immediately.

 

As you may remember, StoneMor Inc. was taken private in 2022 following a proposed buy-out offer from its largest stockholder, Axar Capital Management.  According to the new Everstory Partners website, which you can access here, Axar Capital Management’s Managing Partner, Andrew Axelrod, serves as the Board Chairman for Everstory Partners.

 

The press release notes this as an exciting time for the company  and states, “Everstory is committed to modernizing death care through a unique blend of long-standing traditions of caring for the deceased and a fresh perspective that death is a natural and beautiful part of the human experience that should be planned and celebrated.” 

 

Everstory Partners named Lilly H. Donohue as CEO last year and in the press release she adds the following, “This rebranding effort is more than just a name change. It reflects our values and our vision for the future. Part of modernizing this business means working to destigmatize death care from both an employee and customer perspective. We intend to invest in our people and our product, utilizing best-in-class systems and processes from other service-focused companies outside of the death care industry. Our team has worked hard to develop a brand that better represents our new mission and our commitment to excellence.”

 

Prior to going private last year, StoneMor Inc. (now Everstory) was generally seen as the second largest death care company, ranked by revenue, in North America.  They differ somewhat from Service Corporation International, Park Lawn Corporation, and Carriage Services, the Big Three of public death care companies in North America, by being perceived more as cemetery centric than funeral home centric.

 

The company continues to be based in Bensalem, Pennsylvania, a Philadelphia suburb.

 

Funeral Director Daily take:  We may be beginning to see the next chapter in the StoneMor Inc. saga with this re-branding effort.  Many in the death care profession, including Funeral Director Daily, wondered what might be the master plan of the take-private movement in 2022.

 

There was lots of thoughts in that realm including the new private firm selling the off parts to existing funeral homes and cemeteries in an effort to profit by making the sum of those parts more in totality than the purchase price of the take-private move.  And, there has also been speculation in the industry that the “new StoneMor” might be looking for a private equity company that may be motivated by the opportunity to “buy and flip” the company.

 

With this move in new branding it would seem that Everstory Partners is going to continue as a going-concern in the death care space with some new initiatives.  Just thinking of the name and the mention by CEO Donohue where she in part states, “We understand the importance of honoring loved ones. . . ”  it appears to me that the company will be entering a future where they are moving into a new “memorialization” theme to services.

 

My guess is that if that is true and the finances of the company have shored up, they may be on the look-out for additional properties to add to their portfolio of businesses.  For those looking to sell, it’s always good to have another buyer in the group who may find your death care business attractive.

 

If acquisitions are a part of the future of Everstory Partners, they will join a growing list of national, regional, and large community groups on the hunt for suitable properties.  While having a diverse background of experience and bringing “other industry” creativity from other service-focused companies, as they say in the press release, may be very beneficial in the new online and memorialization modes of the death care business, the lack of “industry insiders” on their management team and board may make it very difficult for Everstory if they move into a competitive acquisition mode.

 

You can view the Everstory Partners management team here.

You can view the Everstory Board of Directors here.

 

More news from the world of Death Care:

• China cemeteries use AI to bring dead “Back to live” for tomb-sweeping day.  Yicai Global (China)
• “Quirky” former mortuary in Staffordshire goes under the hammer.  BBC News (Great Britain)
• A legacy of honoring life and preserving the past – Lafferty Funeral Home.  The People’s Defender (OH)
• Cemetery customers have new options.  The Times-Post (IN)

 

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