TORONTO– Park Lawn Corp. has announced that is has completed the purchase of two funeral homes, a crematorium and a discount funeral operation in the Okanagan Valley of British Columbia, according to a company news release. The purchase continues PLC's expansion in Canada and the U.S.
"We are pleased to be making our first acquisition in the BC market with the purchase of Providence Funeral Homes and Credible Cremations in the Okanagan Valley," said Andrew Clark, chairman and CEO of PLC. "We believe that this market shares similar characteristics to the other markets in which we operate in Canada."
Highlights of the transaction include:
Providence Funeral Homes & Crematorium, owned by Ron Crooker, consists of a funeral home and separate crematorium site in Penticton, British Columbia, and a funeral home in Summerland, British Columbia.
- Credible Cremations Services Ltd., a low-cost funeral service provider in the Okanagan Valley, also owned by Ron Crooker.
- Total purchase price of $1,896,650, paid for with cash raised from PLC's November 2016 bought deal public offering.
- The purchase price multiple is within PLC's publicly-stated targeted EBITDA multiple range.
Published Feb. 22, 2017