Park Lawn Corp. has completed the acquisition of substantially all of the assets of Crippin Funeral Home located in Montrose, Colorado; Gunnison Funeral Services located in Gunnison, Colorado; and Grand View Cemetery located in Montrose, Colorado. The Crippin acquisition deepens Park Lawn’s footprint in the Colorado market through the addition of two stand-alone funeral homes as well as one stand-alone cemetery.
“For 37 years, the Crippin businesses have proudly served Montrose and its surrounding communities. We take great pride in our ability to provide excellent professional service and guidance to our families at their time of need and are excited to partner with Park Lawn to continue this tradition,” said Kelly and Gregory Crippin, former owners of Crippin.
“We are delighted to further expand our operating presence in the State of Colorado through the strategic acquisition of the Crippin businesses,” said J. Bradley Green, chief executive officer of PLC. He continued, “These outstanding businesses will be an excellent addition to our existing portfolio of high-quality businesses in Colorado, and we are honored to welcome the Crippin businesses and their teams into the Park Lawn family.”
Highlights of the transaction include:
- The addition of two stand-alone funeral homes and one stand-alone cemetery.
- The transaction represents approximately 576 calls per year, approximately 85 placements per year, and is expected to be financed with funds from PLC’s credit facility and available cash on hand.
- Following the closing and integration of the transaction, the Crippin acquisition is expected to add approximately $703,404 in Adjusted EBITDA annually.
- For the 12 months ended Dec. 31, 2022, PLC had Adjusted EBITDA of $74,948,868 and net earnings of $25,124,765.
- The agreed upon purchase price multiple for the transaction is within PLC’s publicly-stated targeted Adjusted EBITDA multiple range for its historical transactions.
Note: Adjusted EBITDA is a non-IFRS financial measure. Refer to the Non-IFRS Financial Measures section of this news release for more information on this non-IFRS financial measure.
About Park Lawn Corporation:
PLC is the largest publicly traded Canadian-owned funeral, cremation and cemetery provider. PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels and event centers throughout Canada and the United States which provide a full range of services and merchandise to fulfill the desires of individuals and families seeking to honor their loved ones. Products and services can be customized to meet the personal needs of the consumer and are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). PLC operates in three Canadian provinces and seventeen U.S. states. For more information about Park Lawn Corporation, please visit our website at www.plcorp.com.
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