Strategically expands U.S. footprint into
Tennessee
TORONTO, Jan. 31, 2020 /CNW/ - Park Lawn Corporation (TSX:
PLC) ("PLC" or "Park Lawn") is pleased to announce
that it has completed the previously announced acquisition of all
of the outstanding stock and membership interests of Family Legacy,
LLC ("Family Legacy"), a business with 12 locations
operating in the greater Nashville,
Tennessee area, as well as all of the outstanding membership
interests in WG-TN, LLC ("Harpeth Hills"), a large
combination business located in Nashville, Tennessee. The acquisition
excludes one stand-alone funeral home that Park Lawn initially
intended to acquire from Family Legacy. As a result, the
purchase price for Family Legacy has been proportionately reduced
and, in the first full year of operations following closing, PLC
management now expects Family Legacy and Harpeth Hills, on a
combined basis, to generate approximately US$20.2 million of revenue and approximately
US$5.5 million of EBITDA.
"We are excited to welcome the Family Legacy and Harpeth Hills
businesses into the Park Lawn family. The completion of these
acquisitions provides Park Lawn with the unique opportunity to
enter the middle Tennessee market
as the premier provider of funeral and cemetery services in the
area," stated Andrew Clark, Chairman
and CEO of PLC.
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 has a
North American wide platform with operations 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 expected revenues,
expected EBITDA and the impact of the acquisition on PLC's
business. The forward-looking statements in this news release
are based on certain assumptions, including that the acquired
businesses will perform as expected, 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 acquisitions, and those regarding
present and future business strategies, 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
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.
Non-IFRS Measures
EBITDA is not a measure recognized under IFRS and does not have
a standardized meaning prescribed by IFRS. Such measure is
presented in this news release because PLC management believes that
such measure is relevant in interpreting the effect of the
acquisitions on PLC. Such measure, as computed by PLC, may differ
from similar computations as reported by other similar
organizations and, accordingly, may not be comparable to similar
measures reported by such other organizations. Please see PLC's
most recent management discussion and analysis for how the Company
reconciles such measure to the nearest IFRS measure.
SOURCE Park Lawn Corporation