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