Keystone Execs Form New Company?
It seems that the funeral home/cemetery acquisiton market has a new player. What was speculated for months is moving closer to fruition as three former top executives at Keystone North America have formed a new company and are moving forward with the acquisition of the properties the Federal Trade Commission last month ordered divested by Service Corporation International in order to complete the company?s acquisition of Keystone.
The company, Foundation Partners Group, will be headed by Steve Shaffer, who is president and chief executive officer. Shaffer was previously chief financial officer at Keystone. Jim Price, who co-founded Keystone in 1996 and was the company?s chief operating officer, is Foundation Partner?s executive vice president and chief operating officer; and Chris Thomley, who has served as Keystone?s chief accounting officer since 2005, becomes chief financial officer.
When reached for comment, Price said that the company has signed an agreement with SCI to acquire the properties mandated for divestiture. ?Any further details would not be appropriate at this point,? he added. Price anticipates going through a review process with the FTC over the next several weeks, and if all goes favorably and according to schedule, the deal should become final in approximately 60 days.
Look for more details in this week?s Memorial Business Journal and for an exclusive interview with the Foundation Partners Group in an upcoming issue.
Source: Memorial Business Journal
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