Alleghany Capital Corporation Announces Wilbert's Acquisition of Memorial Monuments

Rhea-AI Summary

Alleghany Capital Corporation announced that its subsidiary, Wilbert Funeral Services, acquired Memorial Monuments & Vaults, Inc. on December 29, 2021. Memorial Monuments, based in Idaho, provides monuments and funeral services. The acquisition aims to enhance Wilbert's national distribution and customer service capabilities, leveraging their resources alongside Memorial's artistry and technology. Both companies anticipate accelerated growth opportunities and market expansion through combined operations. Wilbert will continue to support Memorial Monuments’ existing team post-closing.

Positive

• Acquisition enhances Wilbert's distribution capabilities and customer service quality.
• Combining resources is expected to accelerate growth and market expansion.
• Significant investment planned in technology to improve operations and customer experience.

Negative

• None.

NEW YORK, Jan. 4, 2022 /PRNewswire/ -- Alleghany Capital Corporation ("Alleghany Capital"), a wholly-owned subsidiary of Alleghany Corporation, announced that its subsidiary, Wilbert Funeral Services, Inc. ("Wilbert"), a leading provider of products and services for the funeral and cemetery industries and precast concrete markets, acquired Memorial Monuments & Vaults, Inc. ("Memorial Monuments") on December 29, 2021.  Headquartered in Meridian, Idaho, Memorial Monuments is a provider of monuments and related funeral services to retail, funeral home, and cemetery customers. 

Mark Bates, President and Chief Executive Officer of Wilbert, stated, "We are thrilled to partner with the talented team at Memorial Monuments.  The combination of Wilbert's financial resources, leading national distribution infrastructure, and international sourcing abilities with Memorial Monument's artistry, industry leading technology, and focus on quality and customer service will enhance the value we bring to our funeral service customers across North America.  The Memorial Monuments team will continue to run its day-to-day operations post-closing and our combined customers will benefit from the significant investment in technology we are making across the company, including expanding the Memorial Monuments customer interface and the addition of real-time delivery and installation information with Wilbert's SingleSource system."

Joey Chandler, President and Chief Executive Officer of Memorial Monuments, added, "Memorial Monuments is excited by this new partnership and the opportunities it provides for continued growth and expansion.  Wilbert's unique position in the funeral service industry will enable us to bring our proven, customer-centric business model to a broader customer base and offer enhanced career growth to our highly-skilled team. This transaction helps both companies expand their market presence and accelerate future growth plans."

Rob Hulick, Principal of Alleghany Capital, commented, "We are pleased to welcome Memorial Monuments and its team to the Wilbert and Alleghany Capital family of companies.  This is a highly strategic addition for Wilbert and will enable the company to better serve its customers, licensees, and partners across the funeral service and precast concrete industries."

Spencer Fane LLP acted as legal counsel to Wilbert.  Palfreyman and Associates PLLC acted as legal counsel to Memorial Monuments.

About Wilbert Funeral Services, Inc.

Established in 1880, Wilbert Funeral Services, Inc. is a licensor of, and supplier to, independently owned concrete burial vault manufacturers that are licensed to manufacture Wilbert® brand burial vaults. The company also sells its Astral brand of caskets and Pierce Chemical brand of embalming fluids and other funeral industry products directly to funeral home customers through its vast distribution network. Wilbert's Internal Licensee division manufactures and distributes vaults, caskets, lawn crypts, monuments, and other precast concrete products as a licensee. For more information about Wilbert, please visit www.wilbert.com.

About Memorial Monuments & Vaults, Inc.

Established in 1979, Memorial Monuments and Vaults, Inc. is a leading supplier of monuments, vaults, and large-scale memorial installations throughout the western United States.  The company has 19 locations in the states of Oregon, Washington, Idaho, Nevada, Utah, Wyoming, Nebraska, North Dakota, Montana and Colorado. For more information, please visit www.memorialmonumentsinc.com.

About Alleghany Capital Corporation

Alleghany Capital Corporation owns and supports a diverse portfolio of non-financial businesses for its parent company, Alleghany Corporation (NYSE:Y).  Alleghany Capital's industrial businesses include: (i) Precision Cutting Technologies, Inc., a holding company focused on the machine tool and consumable cutting tools sectors; (ii) R.C. Tway Company, LLC (dba Kentucky Trailer), a manufacturer of custom trailers and truck bodies for several niche end markets; (iii) WWSC Holdings, LLC, a structural steel fabricator and erector for commercial, industrial, and transportation infrastructure projects; (iv) Wilbert Funeral Services, Inc., a provider of products and services for the funeral and cemetery industries and precast concrete markets; and (v) Piedmont Manufacturing Group, LLC, a provider of injection molded and thermoformed parts and multi-component assemblies for OEM customers in the industrial, commercial, transportation, recreational, and medical end-markets.  Alleghany Capital's non-industrial businesses include: (i) IPS-Integrated Project Services, LLC, a global provider of design, engineering, and related services to the biopharmaceutical and life sciences markets, and through its subsidiary Linesight, cost and project management services for clients in the data center, technology, and other sectors; (ii) Jazwares, LLC, a global toy and musical instrument company; and (iii) Concord Hospitality Enterprises Company, a hotel management and development company.  For additional information about Alleghany Capital Corporation, please visit www.alleghanycc.com.

Forward-looking Statements

This release contains disclosures which are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words.  These forward-looking statements are based upon Alleghany's current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans, anticipated actions and Alleghany's future financial condition and results.  These statements are not guarantees of future performance, and Alleghany has no specific intention to update these statements.  As a consequence, current plans, anticipated actions and future financial condition and results may differ from those expressed in any forward-looking statements made by Alleghany or on Alleghany's behalf.

 

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SOURCE Alleghany Capital Corporation; Alleghany Corporation

FAQ

What was the acquisition announced by Alleghany Capital and when did it occur?

Alleghany Capital announced the acquisition of Memorial Monuments by Wilbert Funeral Services on December 29, 2021.

What are the strategic benefits of Wilbert's acquisition of Memorial Monuments?

The acquisition enhances Wilbert's distribution network and customer service capabilities, while also providing growth opportunities through combined resources.

How will the acquisition impact Memorial Monuments' operations?

Memorial Monuments will continue its operations independently post-acquisition, with support from Wilbert's resources and technology.

What is the significance of this acquisition for Wilbert and Memorial Monuments?

This acquisition is strategically important as it allows both companies to expand their market presence and accelerate growth initiatives.