Thursday, April 3, 2014

StoneMor Partners Acquires Nine Funeral Homes

by John Jordan staff writer at GlobeSt.com
Locally-based StoneMor Partners L.P. reports it has signed definitive agreements to purchase nine funeral homes, 12 cemeteries and two crematories from Houston-based Service Corporation International for an aggregate cash purchase price of approximately $53.8 million.
The properties are located in Central Florida, North Carolina, Southeastern Pennsylvania and Virginia, and include approximately 1,140 acres of land, 236 of which are undeveloped. This transaction is subject to closing conditions, including the FTC approval of StoneMor's acquisition of certain of these properties, StoneMor states in its announcement.
"We're delighted to move to the next step of the process we previously announced when StoneMor was named the successful bidder for these properties," says Larry Miller, president & CEO of StoneMor. "The addition of these cemeteries, funeral homes and crematories will facilitate our ongoing national expansion. These are very well run properties which should not require a great deal of up-front investment, but we believe that once we are up and running, in addition to being immediately accretive, we can further enhance the financial performance of these properties."
The cemeteries included in the transaction perform approximately 3,500 interments per year and the funeral homes perform approximately 1,900 annual calls. The cemetery inventories include more than 76,000 developed, unsold spaces, more than 2,400 unsold lawn crypts, 4,200 constructed unsold mausoleum crypts and 4,400 constructed unsold niches.
Upon completion of the acquisition, StoneMor will receive control of cemetery merchandise trust funds with a current value of approximately $18.9 million and perpetual care trusts of approximately $15.3 million. StoneMor will assume merchandise liabilities of approximately $10.5 million and accounts receivable in the amount of $5.7 million.
StoneMor is an owner and operator of 278 cemeteries and 90 funeral homes in 28 states and Puerto Rico.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.