Park Lawn Corporation Acquires Bowers Funeral Service Ltd.
Acquisition expands Park Lawn's footprint in British Columbia
TORONTO, Oct. 1, 2020 /CNW/ - Park Lawn Corporation (TSX: PLC) ("PLC" or "Park Lawn") is pleased to announce that it has acquired the assets of Bowers Funeral Service Ltd. ("Bowers"), a three-location funeral home business in Salmon Arm, Golden and Revelstoke, British Columbia.
"This is an excellent opportunity for Park Lawn to expand its footprint in British Columbia as we continue on the path to meet our stated growth objectives. The Bowers businesses are an attractive group of funeral homes that will complement Park Lawn's existing Providence Funeral Homes locations also in this region. We are excited to welcome the Bowers businesses to the Park Lawn family," stated J. Bradley Green, Chief Executive Officer of PLC.
Highlights of the transaction include:
- PLC expanding its presence in British Columbia by adding:
- Three stand-alone funeral home locations:
- Bowers Funeral Service & Cremation – Salmon Arm
- Bowers Funeral Service & Cremation – Golden
- Brandon Bowers Funeral Service & Cremation – Revelstoke
- The Bowers businesses perform approximately 390 calls per year;
- The purchase of Bowers will be 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 five 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 the Company's intentions to pursue its stated growth objectives. The forward-looking statements in this news release are based on certain assumptions, including that recent acquisitions perform as expected, PLC will be able to implement business improvements and achieve costs savings, PLC will be able to retain key personnel, there will be no unexpected expenses occurring as a result of the acquisitions, multiples remain at or below levels paid by PLC for previously announced acquisitions, the CAD to USD exchange rate remains consistent, 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, the environment in which the PLC will operate in the future, the anticipated adjustments to operations in the COVID-19 pandemic, expected revenues, expansion plans and the 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
Daniel Millett, Chief Financial Officer, (416) 231-1462, ext. 221
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