West Des Moines, Iowa — Homesteaders Life Company and Birch Hill Equity Partners and have closed on a capital investment to transition Park Lawn Corporation to private ownership. The Canadian-based funeral and cemetery company and their experienced management team will continue to operate their businesses across the U.S. and Canada, but Park Lawn will cease to be publicly traded on the Toronto Stock Exchange.
In June, Park Lawn CEO Brad Green notified shareholders of a proposal to purchase the company’s outstanding shares and convert to private ownership. Shareholders overwhelmingly voted to approve the plan of arrangement at a special meeting in late July, paving the way for the transaction to close last week.
“An investment in Park Lawn gives us a path to continue to infuse critical capital into the profession at a time when it is difficult for operators to find reliable and knowledgeable financing partners,” affirmed Steve Shaffer, Homesteaders President, CEO and Board Chair. “It deepens our commitment to the funeral profession in a significant way and provides attractive returns that we can reinvest in higher policy growth and new tools for our existing and future customers.”
“Like Park Lawn, Homesteaders’ commitment to the profession is deeply embedded in their operations and culture which makes them a very attractive long-term partner for us,” said Green. “Homesteaders shares our values, understands our business and is committed to serving families for the long term.”
Shaffer, who is open about his goals to prepare the 118-year-old preneed company for the next 100 years, views this investment as a deepening of Homesteaders’ commitment to the funeral space. “We have already committed $250 million to funeral home partners through our lending program,” Shaffer explained. “No other preneed provider can match the financial commitment Homesteaders has and continues to make to secure the future success of the funeral profession and support private ownership.”
Homesteaders Life Company, a mutual company owned by its policy holders, is a national leader providing products and services to help people design a better farewell. Visit homesteaderslife.com to learn more.
PLC is a Canadian-owned funeral, cremation and cemetery provider. PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels and event centers throughout Canada and the United States which provide a full range of services and merchandise to fulfill the desires of individuals and families seeking to honor their loved ones. PLC operates in three Canadian provinces and seventeen U.S. states. For more information about Park Lawn Corporation, please visit our website at www.parklawncorp.com.
