TORONTO – Park Lawn Corp. has announced the purchase of four funeral home operations in Ontario, as part of a series of acquisitions over the last 12 months as PLC continues to expand its portfolio of assets in Canada and the US. The deal will add four funeral homes in Barrie, Simcoe County and the District of Muskoka.
"The purchase of these funeral homes will expand our presence in the Ontario market," stated Andrew Clark, chairman and CEO of PLC. "Their proximity to our Mundell Funeral Home in Orillia and our crematoria in the GTA makes these businesses a logical fit and we expect them to be immediately accretive to our bottom line."
Highlights of the transaction include:
- Reynolds Funeral Home 'Turner Chapel' in Bracebridge & Cavill-Turner Funeral Home in Gravenhurst, owned by Bruce and Cathie Turner.
Jennett Funeral and Cremation Centre Ltd. in Barrie and Innisfil Funeral Home Ltd. in Innisfil owned by Simon Slessor and Stuart Clark.
- Total purchase price of $6,753,000, paid for with cash raised from PLC's November 2016 bought deal public offering.
- The purchase multiple is within PLC's publicly-stated targeted EBITDA multiple range.
"We believe in working with strong and professional local management and staff. Our partnerships in these communities will further enhance the positive and caring experience provided to the families we serve," Clark said.
Posted Jan. 20, 2017