Stonemor Partners (STON) to Acquire Up to 16 Cemeteries and Granite Importing Business
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StoneMor Partners L.P. (NYSE: STON) announced an agreement to effectively acquire up to 16 Wisconsin-based cemeteries and a granite importing and finishing business for a total purchase price of approximately $12 million. StoneMor initially acquired 10 cemeteries, and will either acquire or manage an additional 6 cemeteries subject to the receipt of certain consents. The properties, located mostly in southeastern Wisconsin, include more than 500 acres of land, of which approximately 150 acres are undeveloped. The cemeteries perform approximately 2,100 interments per year and provide advanced funeral planning merchandise and services.
With regard to the transaction, Larry Miller, StoneMor’s President and CEO said, “These are terrific properties which expand our presence in the Upper Midwest, and represent our first entry into the well populated Wisconsin market. Consistent with our acquisition strategy, this transaction is expected to generate an internal rate of return (“IRR”) in excess of 30% and we expect it to be approximately $0.05 accretive to distributable free cash per unit in its first twelve months. Our growth acquisition effort of late has been focused on operations that are immediately cash flow accretive, and this transaction is an example of the execution of that plan.”
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