Park Lawn Completes Divestiture of Certain Legacy Assets

Rhea-AI Summary

Park Lawn Corporation (PLC) has successfully completed the divestiture of certain legacy assets including 72 cemeteries and 11 funeral homes to Everstory Acquisition Portfolio, LLC, an affiliate of Everstory Partners. The divestiture marks an important milestone in Park Lawn's long-term strategy, allowing the company to focus solely on its core business strategy and improve its leverage and liquidity position.

TORONTO, ON / ACCESSWIRE / December 20, 2023 / Park Lawn Corporation (TSX:PLC)(TSX:PLC.U) ("Park Lawn" or "PLC"), today announced that it has successfully completed the previously announced divestiture of certain legacy assets including all the assets of The Park Lawn Cemetery Company (USA), Inc., PLC Saber Ltd. and PLC Citadel Ltd. to Everstory Acquisition Portfolio, LLC ("EAP"), an affiliate of Everstory Partners ("Everstory Partners"). The divestiture includes 72 cemeteries in Kentucky, Michigan, North Carolina and South Carolina and 11 funeral homes in Kentucky and North Carolina.

"The completion of this divestiture marks an important milestone in the execution of Park Lawn's long-term strategy," said J. Bradley Green, Chief Executive Officer. Mr. Green further stated, "Park Lawn has now refined its portfolio and, moving forward, is well positioned to focus solely on its core business strategy while also improving our leverage and liquidity position. We thank each of the employees of these 83 businesses for their hard work and dedication to Park Lawn and wish them well under their new ownership."

About Park Lawn Corporation:

PLC provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. PLC operates in three Canadian provinces and seventeen U.S. states.

Contact Information

Daniel Millett
Chief Financial Officer
(416) 231-1462, ext. 221

SOURCE: Park Lawn Corporation

View the original press release on accesswire.com

FAQ

What assets did Park Lawn Corporation divest?

Park Lawn Corporation divested certain legacy assets including 72 cemeteries in Kentucky, Michigan, North Carolina, and South Carolina, and 11 funeral homes in Kentucky and North Carolina.

Who did Park Lawn Corporation divest its assets to?

Park Lawn Corporation divested its assets to Everstory Acquisition Portfolio, LLC, an affiliate of Everstory Partners.

What is the impact of the divestiture on Park Lawn Corporation's long-term strategy?

The divestiture marks an important milestone in Park Lawn Corporation's long-term strategy, allowing the company to focus solely on its core business strategy and improve its leverage and liquidity position.

What did J. Bradley Green, Chief Executive Officer of Park Lawn Corporation, say about the divestiture?

J. Bradley Green, Chief Executive Officer, stated that the completion of the divestiture marks an important milestone in the execution of Park Lawn Corporation's long-term strategy, allowing the company to focus solely on its core business strategy and improve its leverage and liquidity position.

How many businesses were affected by the divestiture?

A total of 83 businesses, including 72 cemeteries and 11 funeral homes, were affected by the divestiture.