Security National Financial Corp. Acquires Rivera Family Funeral Homes and Cemetery

Rhea-AI Summary

Security National Financial Corporation (NASDAQ: SNFCA) has successfully completed the acquisition of Rivera Family Funeral Homes and Santa Fe Memorial Gardens, a prominent death care service provider in New Mexico. This acquisition expands Security National's operations, which serve over 1,300 families annually and aligns with the company’s strategic growth plan that includes both direct sales and acquisitions. As of September 30, 2021, Security National reported assets of $1.56 billion and gross revenue of $358.9 million.

Positive

• Acquisition expands Security National's footprint in New Mexico.
• Expect significant economies of scale from the acquisition.
• Solid growth in operational segments since 2019.

Negative

• None.

SALT LAKE CITY, Jan. 06, 2022 (GLOBE NEWSWIRE) -- Security National Financial Corporation (NASDAQ: SNFCA) announced today the closing of its purchase of the Rivera Family Funeral Homes and Santa Fe Memorial Gardens (“Rivera”). Rivera is a New Mexico based death care service provider with four mortuaries and one cemetery located in northern New Mexico. Rivera serves approximately 1,300 families annually.

Tim Rivera, founder of Rivera, said, “We are excited to join an organization that shares the same values and high standards as our family. Together, we are committed to continuing to provide the families of New Mexico with the premier products and services they have come to expect from our organization.”

Adam G. Quist, Vice President of Security National, commented, “We are honored that Tim Rivera and the Rivera family have chosen to join our team. The Rivera Family Funeral Homes and Santa Fe Memorial Gardens are tremendous additions to our organization. This acquisition is a natural expansion of our footprint as we extend our award-winning services to New Mexico. Rivera’s products, services, and marketing are similar to Security National’s and we expect to achieve considerable economies of scale over time.”

Since the end of 2019, Security National has experienced solid growth in all of its operational segments. Security National noted that it grows its operations through both direct sales and acquisitions. This is Security National’s second death care business acquisition in the past 3 years. As of September 30, 2021, Security National’s assets were $1,558,326,000, stockholder’s equity was $296,716,000, gross revenue was $358,918,000, and pre-tax earnings were approximately $45,000,000. Security National operates in three main business segments: life insurance, mortgage banking, and cemetery and mortuary operations.

This press release contains statements that, if not verifiable historical fact, may be viewed as forward-looking statements that could predict future events or outcomes with respect to Security National Financial Corporation and its business. The predictions in these statements will involve risk and uncertainties and, accordingly, actual results may differ significantly from the results discussed or implied in such forward-looking statements.

For Further Information Contact:
Adam Quist or Garrett S. Sill
Security National Financial Corporation
P.O. Box 57250
(Telephone) (801) 264-1060
(Fax) (801) 265-9882
Website: www.securitynational.com

FAQ

What is the significance of Security National's acquisition of Rivera?

The acquisition of Rivera Family Funeral Homes is significant for Security National as it expands their operational footprint in New Mexico and aligns with their growth strategy.

How many families does Rivera serve annually?

Rivera Family Funeral Homes serves approximately 1,300 families annually.

What are Security National's reported assets and revenue?

As of September 30, 2021, Security National reported assets of $1.56 billion and gross revenue of $358.9 million.

Is this Security National's first acquisition in the death care sector?

No, this is Security National's second acquisition in the death care business in the past three years.

What are the expected benefits of the acquisition for Security National?

The expected benefits include expanding their service offerings, achieving economies of scale, and enhancing operational growth.