Acquisition expands Park Lawn's footprint in
Ontario
TORONTO, Oct. 1, 2021 /CNW/ - Park Lawn Corporation (TSX:
PLC) ("PLC" or "Park Lawn") is pleased to announce
that it has acquired the assets of Malcolm, Deavitt & Binhammer
Funeral Home Limited ("MDB"), a funeral home business in
Pembroke, Ontario.
"This is an excellent opportunity for Park Lawn to expand its
footprint in Ontario as we
continue on the path to meet our stated growth objectives. The MDB
funeral home will complement Park Lawn's existing locations near
Ottawa. We are excited to welcome
the MDB business to the Park Lawn family," stated J. Bradley Green, Chief Executive Officer of
PLC.
Highlights of the transaction include:
- PLC deepening its presence in Ontario by adding one standalone funeral home
in Pembroke, Ontario;
- MDB performs approximately 153 calls per year;
- The purchase of MDB was funded from cash on hand; and
- The agreed upon purchase price multiple is within PLC's
publicly-stated targeted EBITDA multiple range for transactions of
this nature.
About Park Lawn Corporation:
PLC provides goods and services associated with the disposition
and memorialization of human remains. Products and services are
sold on a pre-planned basis (pre-need) or at the time of a death
(at-need). PLC and its subsidiaries own and operate businesses
including cemeteries, crematoria, funeral homes, chapels, planning
offices and a transfer service. PLC operates in three Canadian
provinces and fifteen U.S. states.
Cautionary Statement Regarding Forward-Looking
Information:
This news release may contain forward-looking statements (within
the meaning of applicable securities laws) relating to the business
of PLC and the environment in which it operates. Forward-looking
statements are identified by words such as "believe", "anticipate",
"project", "expect", "intend", "plan", "will", "may", "estimate",
"pro-forma" and other similar expressions. These statements are
based on PLC's expectations, estimates, forecasts and projections
and include, without limitation, statements regarding PLC's
intentions to pursue its stated growth objectives. The
forward-looking statements in this news release are based on
certain assumptions, including that the recent acquisition performs
as expected, the recent acquisition will complement PLC's existing
Ontario businesses, PLC will be
able to implement business improvements and achieve cost savings,
PLC will be able to retain key personnel, there will be no
unexpected expenses occurring as a result of the acquisition, the
multiples remain at or below levels paid by PLC for previously
announced acquisitions, the acquisition and financing markets
remain accessible, capital can be obtained at reasonable costs and
PLC's current business lines operate and obtain synergies as
expected, as well as those regarding present and future business
strategies, organic growth initiatives, the environment in which
PLC will operate in the future, expected revenues, expansion plans
and PLC's ability to achieve its goals. Forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. A number of
factors could cause actual results to differ materially from the
results discussed in the forward-looking statements, including, but
not limited to, the factors discussed under the heading "Risk
Factors" in PLC's Annual Information Form and most recent
Management's Discussion and Analysis available at www.sedar.com.
There can be no assurance that forward-looking statements will
prove to be accurate as actual outcomes and results may differ
materially from those expressed in these forward-looking
statements. Readers, therefore, should not place undue reliance on
any such forward-looking statements. Further, these forward-looking
statements are made as of the date of this news release and, except
as expressly required by applicable law, PLC assumes no obligation
to publicly update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise.
SOURCE Park Lawn Corporation