LEVITTOWN, Pa. – StoneMor Partners has closed the previously announced purchase of nine funeral homes, 12 cemeteries and two crematories from Service Corporation International, according to a news release.
StoneMor paid approximately $53.8 million in cash for the properties which are located in Central Florida, North Carolina, Southeastern Pennsylvania and Virginia. The cemeteries included in the transaction perform approximately 3,500 interments per year and the funeral homes perform approximately 1,900 annual calls. The combined properties generated approximately $25.3 million in revenue in 2012 and are expected to be immediately cash accretive.
"This is a terrific transaction for StoneMor," said Larry Miller, president and chief executive officer of StoneMor. "The properties complement our existing operations and the accretive nature of the transaction adds immediate value for our unit holders. Combined with our recently closed agreement with the Archdiocese of Philadelphia to manage 13 Catholic cemeteries, we have made some significant additions to our portfolio of cemetery and funeral home holdings in 2014. We look forward to the contributions of these properties to our financial performance."
Published June 11