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. 

PLC logo (CNW Group/Park Lawn Corporation)

"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

Copyright 2021 Canada NewsWire

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