StoneMor Announces Acquisition of 8 Cemeteries and 5 Funeral Homes
StoneMor 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.
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
Latest posts by CDFuneralNews (see all)
- 49 Wilbert Licensees Earn Ultimate Service Provider for 2017 - February 7, 2018
- Learn and Connect at 2018 NFDA Professional Women’s Conference - February 7, 2018
- Aftercare.com chosen as a Preferred Partner of Selected Independent Funeral Homes - February 7, 2018
You may be interested
“Going Out In Style” will Plan Your Funeral in the Most Extravagant WayJustin Crowe - February 7, 2018
I've never desired to plan my funeral until seeing the events that are being designed by the women at Going Out…
49 Wilbert Licensees Earn Ultimate Service Provider for 2017CDFuneralNews - February 7, 2018
BROADVIEW, IL, February 6, 2018 – Forty-nine Wilbert Licensees have earned the 2017 Ultimate Service Provider designation from Wilbert Funeral Services, Inc. (WFSI),…
Learn and Connect at 2018 NFDA Professional Women’s ConferenceCDFuneralNews - February 7, 2018
Brookfield, Wis. – Registration is open for the profession’s leading gathering for women in funeral service: the National Funeral Directors…