TORONTO – Park Lawn Corp. has a entered into a definitive agreement to acquire all of the outstanding membership interests of Saber Management LLC for a purchase price of approximately $48.75 million in cash, subject to customary working capital adjustments, plus additional consideration of up $9.75 million in PLC common shares, the company announced in a news release. The additional consideration will be held in escrow and be released over a period of three years if certain financial hurdles are met.
"The acquisition of Saber presents an exciting opportunity for Park Lawn," said Andrew Clark, chairman and CEO of the PLC. "The acquisition is in line with our communicated growth strategy and significantly increases our footprint and presence in the U.S. market."
"Saber Management is very proud to become part of the Park Lawn family. The leadership of our company views this as an opportunity to match our sales and marketing skills with the disciplined growth of Park Lawn," said David Sullivan, CEO of Saber. "The blending of our two companies will give our employees a great opportunity and Park Lawn a competitive edge in the market place. We are very enthused about the future."
Completion of the acquisition, which is expected to occur on or about Sept. 30, 2017, is subject to the satisfaction or waiver of certain closing conditions, including, among other things, third-party consents and approvals.
Saber currently owns and operates 19 cemeteries and four funeral homes in Kentucky, Illinois and Texas. Saber is a recognized leader in the death-care industry in Kentucky, providing approximately 10 percent of the burials for the state. Saber was established in 1998 by David Sullivan (CEO and majority owner of Saber), who brings more than 40 years of industry experience with him. The day-to-day operations, sales and marketing efforts at Saber's locations will continue to be actively managed by Saber's existing team.
Posted June 8, 2017