WILBERT FUNERAL SERVICES ANNOUNCES AGREEMENT BY ALLEGHANY CAPITAL CORPORATION TO INVEST IN COMPANY
Wilbert Funeral Services, Inc. (WFSI or the Company) announced today that the Company has entered into an agreement with Alleghany Capital Corporation (Alleghany Capital), whereby Alleghany Capital will purchase a forty-five percent interest in WFSI. Alleghany Capital sources, executes, and oversees certain investments and acquisitions for its parent company, Alleghany Corporation (NYSE:Y).
Alleghany Capital’s investment strategy seeks strong companies with good management and growth potential, all factors that are inherent in WFSI. Under the agreement, Alleghany Capital will have seats on WFSI’s Board of Directors but will look to WFSI’s management team to continue the success of the Company.
“As the owners of Wilbert Funeral Services, Inc., we have responsibilities to our employees and their families, our Wilbert Licensees, and all of our customers to position WFSI for continued growth well into the future,” said Joseph U. Suhor, III, Chairman of the Board of WFSI. “We feel that this is the best course towards that goal and look forward to an excellent relationship with Alleghany Capital.”
Alleghany Capital’s investments include: (i) Bourn & Koch, Inc., a manufacturer and remanufacturer of precision machine tools as well as a supplier of replacement parts and related services; (ii) IPS-Integrated Project Services, LLC, a technical service provider focused on the global pharmaceutical and biotechnology industries; (iii) Jazwares, LLC, a global licensed and branded toy and entertainment company; (iv) R.C. Tway Company, LLC (dba Kentucky Trailer), a manufacturer of custom trailers and truck bodies for the moving and storage industry and other markets; (v) Stranded Oil Resources Corporation, an exploration and production company focused on enhanced oil recovery; and (vi) WWSC Holdings, LLC, a fabricator and erector of structural steel for use in commercial, industrial, and public construction projects.
Joe Suhor and WFSI President Dennis Welzenbach will continue in their respective roles for the foreseeable future, working with the rest of the WFSI management team to continue the prudent management of the Company and guide its growth.
“We are proud of the team we have assembled and feel they are prepared to take WFSI into the future,” stated Dennis Welzenbach. “We also feel that with Alleghany Capital, WFSI will maintain its integrity, culture and success to benefit all stakeholders.”
For additional information about Alleghany Capital Corporation, visit www.alleghanycc.com.
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 under an intellectual property license agreement including the sale of cremation products, vault forms, liners and other related products to the licensees. The Company sells other funeral industry products through its Signet Supply and Pierce Chemical brands to include caskets, columbarium niches, embalming fluids and related funeral products directly to funeral home customers through its North American distribution network. Their Company Store division manufactures and distributes vaults, caskets, lawn crypts, monuments, and other precast concrete products as a licensee. For more information about Wilbert, visit www.wilbert.com.