StoneMor Announces Acquisition of 8 Cemeteries and 5 Funeral Homes

June 29, 2010
Advertisement

imageStoneMor Partners L.P. today announced that it had acquired five cemeteries and five funeral homes in Indiana, two cemeteries in Ohio and one cemetery in Michigan. The cemeteries and funeral homes were purchased out of state court-appointed receiverships in Indiana and Michigan. StoneMor’s investment in this transaction, including advances to fund trust shortfalls, totaled approximately $33 million in cash and StoneMor units. For additional information about this transaction, see StoneMor’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 25, 2010.

These properties are expected to contribute approximately $14 million to the value of contracts written and $18 million in production-based revenue during their first year of operation. Although there is no assurance of future performance or increased distributions to unit holders, historically, StoneMor has been able to improve revenues and operating profits of acquired properties.

Currently, StoneMor operates six cemeteries in Indiana, twelve cemeteries in Michigan and thirteen cemeteries and two funeral homes in Ohio. This acquisition is expected to strengthen the company’s current market position in each state and regionally. Each of the acquired cemeteries is expected to benefit from the company’s existing operational management structure. In the last 12 months, the cemeteries that have been acquired performed over 2,500 burials and the funeral homes conducted over 900 funerals. Additionally, these properties have over 400 undeveloped acres available for sale, over 30,000 unsold cemetery spaces in the developed sections, over 4,400 unsold lawn crypts, and over 7,000 constructed unsold mausoleum crypts.

Advertisement

The cemeteries and funeral homes are located in the following cities: Brookville and Springboro, Ohio; Grand Rapids, Michigan and Fort Wayne, Greenwood, South Bend, Whitestown, Washington and Muncie, Indiana.

Source: Market Watch

CDFuneralNews

ConnectingDirectors.com is the leading online daily publication for funeral professionals with a reader base of over 45,000 of the most elite and forward-thinking professionals in the profession. With ConnectingDirectors.com we have created a global community through an online platform allowing funeral professionals to Stay Current. Stay Informed and Stay Elite.
Advertisement

You may be interested

The Tombstone Hearse and Trike; Because Nobody Takes Pictures of Cadillacs or Lincolns
News
3 views
News
3 views

The Tombstone Hearse and Trike; Because Nobody Takes Pictures of Cadillacs or Lincolns

Madison Ashby - August 20, 2017

Imagine riding motorcycles your entire life only to be driven to your final resting place in a boring old hearse. To put it lightly, that would be quite a let down.

Foundation Partners Group Adds Anderson-McQueen to FPG Family
Funeral Industry Press Releases
843 views
Funeral Industry Press Releases
843 views

Foundation Partners Group Adds Anderson-McQueen to FPG Family

CDFuneralNews - August 17, 2017

Orlando, FL – Foundation Partners Group (FPG), a leading provider of innovative funeral, cemetery and cremation experiences and products, has…

Jobs
14 views

Sales Professional – North FL/Georgia

CDFuneralNews - August 17, 2017

Wilbert Funeral Services Inc. is a wholesale product and service provider to the funeral industry. Our manufactured products include burial…

Comments