Park Lawn Corporation Completes Acquisition of Smith Businesses
Park Lawn Corporation (TSX:PLC) has completed the acquisition of the assets of Smith Funeral & Cremation Service, Life & Legacy Cremation Center, and related entities in Maryville, Tennessee. This acquisition enhances PLC's presence in Eastern Tennessee, with the Smith businesses boasting a long-standing reputation for professional excellence. CEO J. Bradley Green expressed excitement about integrating the Smith businesses and expanding their esteemed legacy. PLC operates across Canadian provinces and U.S. states, offering memorialization services.
- Expansion into Eastern Tennessee enhances market presence.
- Smith businesses have a strong, 60-year reputation, potentially driving customer trust.
- Acquisition may yield operational synergies and cost savings.
- Risks associated with the integration of Smith businesses into PLC.
- Potential unforeseen expenses from the acquisition could impact financials.
Acquisition Expands Presence into Eastern Tennessee
TORONTO, ON / ACCESSWIRE / November 15, 2021 / Park Lawn Corporation (TSX:PLC) ("PLC") is pleased to announce that it has completed the previously announced acquisition of substantially all of the assets of Smith Funeral & Cremation Service, Life & Legacy Cremation Center and Smith Event Centers, as well as Grandview Cemetery and Cremation by Grandview (collectively the "Smith" businesses), comprised of one funeral home, one combination funeral home and cemetery property and five event centers in Maryville, Tennessee.
"For nearly 60 years, the Smith businesses have set out to honor the life and legacy of each and every family we serve through meaningful experiences. We are dedicated to professional excellence and are excited to join an organization that shares these same core values and commitment to the families in our community," said Dr. Lynn Gibson on behalf of himself and the other owners of the Smith businesses, Lisa Gibson, Jason Chambers and Justin Chambers.
"The Smith businesses are nationally renowned, dynamic and innovative businesses and their addition to our family firmly establishes PLC's presence in Eastern Tennessee. We look forward to continuing and building onto the esteemed reputation of the Smith businesses with the Chambers and Gibson families," said J. Bradley Green, Chief Executive Officer of PLC.
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 fifteen U.S. states.
Cautionary Statement Regarding Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of PLC and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate", "pro-forma" and other similar expressions. These statements are based on PLC's expectations, estimates, forecasts and projections and include, without limitation, statements regarding PLC's intentions to pursue its stated growth objectives. The forward-looking statements in this news release are based on certain assumptions, including that the Smith acquisition performs as expected, are nationally renowned, dynamic and innovative, PLC will be able to implement business improvements and achieve cost savings, PLC will be able to retain key personnel, there will be no unexpected expenses occurring as a result of the acquisition, the multiple remains at or below levels paid by PLC for previously announced acquisitions, the acquisition and financing markets remain accessible, capital can be obtained at reasonable costs and PLC's current business lines operate and obtain synergies as expected, as well as those regarding present and future business strategies, the environment in which PLC will operate in the future, expected revenues, expansion plans and PLC's ability to achieve its goals. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading "Risk Factors" in PLC's Annual Information Form and most recent Management's Discussion and Analysis available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, PLC assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact Information
Daniel Millett
Chief Financial Officer
(416) 231-1462, ext. 221
Related Links:
www.parklawncorp.com
SOURCE: Park Lawn Corporation
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FAQ
What is the significance of Park Lawn's acquisition of Smith businesses?
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