Park Lawn Corp. announced in a March 13 news release that it has completed the acquisition of substantially all the assets of Meyer Brothers Funeral Homes, a business consisting of five stand-alone funeral homes located in Sioux City, Iowa, South Sioux City, Nebraska and Ponca, Nebraska. The Meyer acquisition further increases Park Lawn’s geographic presence in the Midwest by adding businesses in Iowa and Nebraska.
“We are pleased to welcome the Meyer businesses into the Park Lawn family as they exemplify the characteristics of the premier independent operating firms Park Lawn seeks to partner with in its growth strategy. These highly regarded businesses are a staple in their respective communities and we are proud to have them as part of our team,” said J. Bradley Green, chief executive officer of Park Lawn.
“For over 60 years the Meyer family has proudly served Sioux City, Iowa, South Sioux City, Nebraska and Ponca, Nebraska and the surrounding communities — and we look forward to continuing to provide outstanding service to our families through our partnership with Park Lawn,” said Dale Meyer, former owner of Meyer.
Highlights of the transactions include:
- The addition of five stand-alone funeral homes.
- The transaction represents 1,116 calls per year and is expected to be financed with funds from Park Lawn’s credit facility and available cash on hand.
- The Meyer acquisition is expected to add about $1.84 million in adjusted EBITDA annually. 1
- For the 12 months ended Dec. 31, 2022, Park Lawn had adjusted EBITDA of about $75 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.
