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StoneMor Partners L.P. Announces Closing of Acquisition of Funeral Homes & Cemeteries From Service Corporation International
LEVITTOWN, Pa., June 10, 2014 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) announced today that it has closed the previously announced purchase of 9 funeral homes, 12 cemeteries and 2 crematories from Service Corporation International (NYSE:SCI). StoneMor paid approximately $53.8 million in cash for the properties which are located in Central Florida, North Carolina, Southeastern Pennsylvania and Virginia. The cemeteries included in the transaction perform approximately 3,500 interments per year and the funeral homes perform approximately 1,900 annual calls. The combined properties generated approximately $25.3 million in revenue in 2012 and are expected to be immediately cash accretive.
"This is a terrific transaction for StoneMor," said Larry Miller, President and Chief Executive Officer of StoneMor. "The properties complement our existing operations and the accretive nature of the transaction adds immediate value for our unit holders. Combined with our recently closed agreement with the Archdiocese of Philadelphia to manage 13 Catholic cemeteries, we have made some significant additions to our portfolio of cemetery and funeral home holdings in 2014. We look forward to the contributions of these properties to our financial performance."
About StoneMor Partners L.P.
StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 303 cemeteries and 99 funeral homes in 28 states and Puerto Rico. StoneMor is the only publicly traded death care company structured as a partnership. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise.
Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of StoneMor's operating activities, the plans and objectives of its management, assumptions regarding its future performance and plans, and any financial guidance provided, as well as certain information in other filings with the Securities and Exchange Commission and elsewhere, are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "project," "expect," "predict," and similar expressions identify these forward-looking statements. These forward-looking statements are made subject to certain risks and uncertainties that could cause StoneMor's actual results of operations to differ materially from those expressed or implied by forward-looking statements, including, but not limited to, the following: uncertainties associated with future revenue and revenue growth; the effect of economic downturns; the impact of StoneMor's significant leverage on its operating plans; StoneMor's ability to service its debt and pay distributions; the decline in the fair value of certain equity and debt securities held in its trusts; StoneMor's ability to attract, train and retain an adequate number of sales people; uncertainties associated with the volume and timing of pre-need sales of cemetery services and products; increased use of cremation; changes in the death rate; changes in the political or regulatory environments, including potential changes in tax accounting and trusting policies; StoneMor's ability to successfully implement a strategic plan relating to achieving operating improvements, strong cash flows and further deleveraging; StoneMor's ability to successfully compete in the cemetery and funeral home industry; uncertainties associated with the integration or anticipated benefits of StoneMor's recent acquisitions and any future acquisitions; StoneMor's ability to complete and fund additional acquisitions; litigation or legal proceedings that could expose StoneMor to significant liabilities and damage its reputation; the effects of cyber security attacks due to StoneMor's significant reliance on information technology; uncertainties relating to the financial condition of third-party insurance companies that fund StoneMor's pre-need funeral contracts; and various other uncertainties associated with the death care industry and StoneMor's operations in particular.
When considering forward-looking statements, the reader should keep in mind the risk factors and other cautionary statements set forth in StoneMor's Annual Report on Form 10-K filed with the Securities and Exchange Commission. Except as required by federal and state securities laws, StoneMor assumes no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by StoneMor, whether as a result of new information, future events, or otherwise.
CONTACT: John McNamara 215-826-2800Source: StoneMor Partners L.P.