LEVITTOWN, Pa. – StoneMor Partners has announced that it was the successful bidder to purchase nine funeral homes, 12 cemeteries and two crematories in Central Florida, North Carolina, Southeastern Pennsylvania and Virginia from Service Corporation International, according to a news release.
On March 21, SCI submitted its application to the Federal Trade Commission to approve StoneMor's acquisition of certain of these properties. The bidding and approval process was initiated by SCI in connection with the recently completed acquisition of Stewart Enterprises, Inc. by SCI pursuant to an FTC Decision and Order
Speaking of the potential acquisition, Larry Miller, president & CEO of StoneMor, said, "A number of properties have become available as a result of SCI's acquisition of Stewart, and we had the opportunity to look at them. This transaction is subject to obtaining FTC approval, entering into a final agreement with SCI as well as satisfying the closing conditions, but StoneMor is pleased to be the successful bidder for these properties that are mature and are expected to be cash accretive immediately."
Headquartered in Levittown, StoneMor Partner is an owner and operator of 278 cemeteries and 90 funeral homes in 28 states and Puerto Rico. StoneMor is the only publicly traded deathcare company structured as a partnership.
For additional information about StoneMor Partners, please visit StoneMor's website, and the Investors section, at www.stonemor.com.