Park Lawn Corp. recently announced that it has agreed to buy substantially all of the assets of Ward Funeral Home Limited, a business consisting of three stand-alone funeral homes located in Brampton, Woodbridge and Toronto, Ontario. The Ward acquisition further expands Park Lawn’s geographic presence in the Greater Toronto Area and is anticipated to close in July 2023.
“The Ward businesses have been a staple within the Greater Toronto Area for over 100 years and these well-established best-in-class funeral homes not only complement Park Lawn’s existing Greater Toronto Area presence, but also closely align with Park Lawn’s values,” said J. Bradley Green, chief executive officer of Park Lawn (pictured at top). He added, “We look forward to furthering our strategic growth in the Greater Toronto Area through our partnership with the Ward family.”
Highlights of the transaction include:
- The addition of three stand-alone funeral homes.
- The transaction represents 1,218 calls per year and is expected to be financed with funds from Park Lawn’s credit facility and available cash on hand.
- Following the closing and integration of the transaction, the Ward acquisition is expected to add approximately $1.8 million in adjusted EBITDA annually.
- For the 12 months ended Dec. 31, 2022, Park Lawn had adjusted EBITDA of about $74.9 million and net earnings of about $25.1 million.
- The agreed upon purchase price multiple for the transaction is within Park Lawn’s publicly-stated targeted adjusted EBITDA multiple range for its historical transactions.
About Park Lawn Corp.
Park Lawn 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). Park Lawn and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. Park Lawn operates in three Canadian provinces and 19 U.S. states.