Park Lawn Corporation (PLC) is the only Canadian publicly traded company in the funeral services industry. It was not until the current CEO Andrew Clark joined PLC in 2011 that the company embarked on a period of growth, expansion and strategic positioning in the market. A series of alliances and partnerships throughout Canada has positioned PLC as a competitive force in the after-life care industry. While seeking new acquisitions and partnerships, PLC has improved, upgraded, streamlined and expanded existing facilities and offers pre-need and at-need funeral, crematoria, burial and crypt options.
In Canada, memorial, funeral and crematoriums facilities are largely local family operations or non-profit religious providers. Like most family run businesses, owners are faced with succession planning challenges. Nearly 70 percent of the operators in Canada are not owned by a large corporation; so the potential for new growth and acquisitions for PLC is promising. In the after-life care industry, succession planning for local operators is made even more difficult because there are very few new entrants in the market. As the only publicly traded company in the market, PLC is in a unique position to provide flexible succession options to local operators while consolidating administrative and executive functions.
The management team at Park Lawn Corporation is focused on optimizing product and service offerings, expanding organically and completing strategic acquisitions. Maximizing the productivity of existing holdings has yielded significant growth in several locations, including an expanded mausoleum at Westminster with some 3,200 crypts.
At present, Park Lawn Corporation has more than 140 acres of land and 40 years of available inventory. On average the company estimates that a cemetery plot costs $10,000 with a gross profit of $4,000, a crypt at the time of sale $16,000 with a gross of $5,600. A recent expansion of 3,200 crypts at the Westminster facility will yield a 20 percent rate of return or $17 million gross profit. Cremation services are estimated to have a 65 percent profit margin while funeral services are at 90 percent.