NEW YORK, June 28, 2017 /PRNewswire/ -- Alleghany Capital
Corporation ("Alleghany Capital"), a wholly-owned subsidiary of
Alleghany Corporation, today announced that it has entered into a
definitive agreement to acquire a 45% equity interest in Wilbert
Funeral Services, Inc. ("Wilbert"), a leading provider of products
and services for the funeral and cemetery industries and precast
concrete markets. Headquartered in Overland Park, Kansas, Wilbert operates
through company-owned locations and a network of nearly 200
licensees that manufacture and distribute Wilbert® branded products
throughout the United States and
Canada.
Joseph U. Suhor, III, Chairman of
the Board of Directors of Wilbert, stated, "As the majority owners
of Wilbert, we have responsibilities to our employees and their
families, our licensees, and our customers to position the company
for continued success and growth well into the future. We
believe that this transaction is the best course toward these ends
and look forward to a productive partnership with Alleghany
Capital." Dennis Welzenbach,
President and Chief Executive Officer of Wilbert, added, "Alleghany
Capital's business model is to provide a long-term home for
entrepreneurial companies like ours and support their management
teams as they continue to pursue profitable growth opportunities.
Wilbert and Alleghany Capital share common values and,
through our new partnership, Wilbert will be able to maintain the
culture that has been at the core of its success, for the benefit
of all stakeholders. We are proud of the team we have
assembled and are excited to take Wilbert into the future with our
new partner."
David Van Geyzel, President and
Chief Executive Officer of Alleghany Capital, commented, "Dating
back to 1880, Wilbert has built its business from its early
beginnings as a supplier of burial vaults to become a leading
provider of a broad array of burial and cremation products and
services for the funeral and cemetery industries, as well as a
supplier of precast concrete products for a variety of
markets." Udi Toledano,
Chairman of Alleghany Capital, added, "Wilbert has an established
history of creating value through solid customer service, product
and service innovation, and successful acquisitions.
Alleghany Capital shares this vision for growth and looks forward
to partnering with Joe, Dennis, and the rest of the Wilbert team as
they continue to execute on their strategy."
The transaction, which is subject to customary closing
conditions, is expected to close early in the third quarter of
2017.
Dinan & Company acted as financial advisor and Willkie Farr & Gallagher LLP acted as legal
counsel to Alleghany Capital. CC Capital Advisors acted as
financial advisor and Spencer Fane LLP acted as legal counsel to
Wilbert.
About Wilbert Funeral Services, Inc.
Established in 1880, Wilbert Funeral Services, Inc. is a
licensor of, and supplier to, independently owned concrete burial
vault manufacturers that are licensed to manufacture Wilbert® brand
burial vaults under an intellectual property license agreement
including the sale of cremation products, vault forms, liners and
other related products to the licensees. The Company sells other
funeral industry products directly to funeral home customers
through its vast distribution network. Their Company Store division
manufactures and distributes vaults, caskets, lawn crypts,
monuments, and other precast concrete products as a licensee.
Substantially all of the Company's customers are located in
the United States and Canada. For more information about Wilbert,
please visit www.wilbert.com.
About Alleghany Capital Corporation
Alleghany Capital Corporation sources, executes, and oversees
certain investments and acquisitions for its parent company,
Alleghany Corporation (NYSE:Y). Alleghany Capital's
investments include: (i) Bourn & Koch, Inc., a manufacturer and
remanufacturer of precision machine tools as well as a supplier of
replacement parts and related services; (ii) IPS-Integrated Project
Services, LLC, a technical service provider focused on the global
pharmaceutical and biotechnology industries; (iii) Jazwares, LLC, a
licensed toy and consumer electronics company; (iv) R.C. Tway
Company, LLC (dba Kentucky Trailer), a manufacturer of custom
trailers and truck bodies for the moving and storage industry and
other markets; (v) Stranded Oil Resources Corporation, an
exploration and production company focused on enhanced oil
recovery; and (vi) WWSC Holdings, LLC, a fabricator and erector of
structural steel for use in commercial, industrial, and public
construction projects. For additional information about
Alleghany Capital Corporation, please visit
www.alleghanycc.com.
Forward-looking Statements
This release contains disclosures which are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current
facts, and can be identified by the use of words such as "may,"
"will," "expect," "project," "estimate," "anticipate," "plan,"
"believe," "potential," "should," "continue" or the negative
versions of those words or other comparable words. These
forward-looking statements are based upon Alleghany's current plans
or expectations and are subject to a number of uncertainties and
risks that could significantly affect current plans, anticipated
actions and Alleghany's future financial condition and
results. These statements are not guarantees of future
performance, and Alleghany has no specific intention to update
these statements. As a consequence, current plans,
anticipated actions and future financial condition and results may
differ from those expressed in any forward-looking statements made
by Alleghany or on Alleghany's behalf.
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SOURCE Alleghany Capital Corporation