LEVITTOWN, Pa. – StoneMor Partners has announced the acquisition of Virginia-based Forest Lawn Cemetery for approximately $5 million in cash, according to a news release. Forest Lawn, located in Richmond, Va., currently handles an average of more than 500 interments per year and is expected to continue to operate under the Forest Lawn name.
Larry Miller, StoneMor's President and CEO said, "This latest acquisition fits perfectly with our long-term acquisition strategy. Forest Lawn is a quality cemetery servicing the Richmond, Virginia, market, the kind of mid-sized urban area that we prefer. We believe we can accelerate the property's growth with our highly successful pre-need sales program.
"The cemetery brings our total cemetery count to 277 cemeteries, along with 92 funeral homes in 28 states and Puerto Rico. Since becoming a public company in 2004, we have acquired 145 cemeteries and 85 funeral homes, more than doubling the assets of the company while growing GAAP revenues from $89.2 million to more than $242 million in 2012. We will continue to look for acquisitions like this to contribute to that growth and we look forward to the opportunity to share that growth with our unit holders."
Posted Aug. 15