Alleghany Capital Corp. To Invest In Wilbert Funeral Services
NEW YORK – Alleghany Capital Corp., a wholly-owned subsidiary of Alleghany Corp., has announced that it has entered into a definitive agreement to acquire a 45 percent equity interest in Wilbert Funeral Services Inc., a leading provider of products and services for the funeral and cemetery industries and precast concrete markets, according to a news release.
Headquartered in Overland Park, Kansas, Wilbert operates through company-owned locations and a network of nearly 200 licensees that manufacture and distribute Wilbert branded products throughout the United States and Canada.
Joseph U. Suhor III, chairman of the board of directors of Wilbert, said, "As the majority owners of Wilbert, we have responsibilities to our employees and their families, our licensees, and our customers to position the company for continued success and growth well into the future. We believe that this transaction is the best course toward these ends and look forward to a productive partnership with Alleghany Capital."
Dennis Welzenbach, president and CEO of Wilbert, added, "Alleghany Capital's business model is to provide a long-term home for entrepreneurial companies like ours and support their management teams as they continue to pursue profitable growth opportunities. Wilbert and Alleghany Capital share common values and, through our new partnership, Wilbert will be able to maintain the culture that has been at the core of its success, for the benefit of all stakeholders. We are proud of the team we have assembled and are excited to take Wilbert into the future with our new partner."
David Van Geyzel, president and Chief Executive Officer of Alleghany Capital, said, "Dating back to 1880, Wilbert has built its business from its early beginnings as a supplier of burial vaults to become a leading provider of a broad array of burial and cremation products and services for the funeral and cemetery industries, as well as a supplier of precast concrete products for a variety of markets."
Udi Toledano, chairman of Alleghany Capital, added, "Wilbert has an established history of creating value through solid customer service, product and service innovation, and successful acquisitions. Alleghany Capital shares this vision for growth and looks forward to partnering with Joe, Dennis, and the rest of the Wilbert team as they continue to execute on their strategy."
The transaction, which is subject to customary closing conditions, is expected to close early in the third quarter of 2017.
Posted June 28, 2017