TORONTO, ONTARIO (June 29, 2023) – Park Lawn Corporation (TSX: PLC, PLC.U) (“Park Lawn”, “PLC”, or the “Company”) today confirmed, in response to industry media rumors, that it has submitted a preliminary all cash proposal to the Board of Directors of Carriage Services, Inc. (NYSE: CSV) (“Carriage”) to purchase all of the outstanding stock of Carriage. The proposal was made confidentially and subject to the completion of satisfactory due diligence and the negotiation and execution of a mutually satisfactory definitive acquisition agreement.
The Company takes a disciplined approach to acquisitions with clearly defined strategic and financial criteria, and is committed to maintaining a prudent capital structure. Park Lawn has partnered with a large private equity firm and does not anticipate that it would require any public equity financing in order to complete such a transaction and that any such transaction would be accretive to Park Lawn’s earnings on a fully diluted basis.
There can be no assurance that Park Lawn’s proposal will result in a definitive agreement, or that the proposed transaction or any other transaction will be approved or consummated. Park Lawn does not intend on commenting on the proposal or further developments regarding the proposal unless it deems further disclosure is appropriate or required.
About Park Lawn
PLC provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold on a pre-planned basis (pre-need) or at the time of a death (at-need). PLC and its subsidiaries own and operate businesses including cemeteries, crematoria, funeral homes, chapels, planning offices and a transfer service. PLC operates in three Canadian provinces and nineteen U.S. states.
Cautionary Statement Regarding Forward‐Looking Information
This news release contains forward-looking statements within the meaning of applicable securities laws (collectively “forward-looking statements”). Forward looking statements in this news release are identified by words such as “would”, “expected”, “ability to”, “believe”, “anticipate”, “project”, “intend”, “plan”, “will”, “may” and other similar expressions. These forward-looking statements are based on Park Lawn’s current expectations, estimates, forecasts and projections and include, without limitation, statements regarding the expected benefits of the proposed transaction with Carriage, including that the proposed transaction would be accretive to Park Lawn’s earnings on a fully diluted basis. Although Park Lawn believes that the expectations, estimates, forecasts and projections reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and have been based on information and assumptions that may prove to be inaccurate, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements and such factors and assumptions are based on information currently available to Park Lawn, and actual results may differ materially from those expressed or implied in such statements. In addition, information used in developing forward-looking statements has been obtained from various sources, including third party sources. Important factors that could cause actual results, performance or achievements of Park Lawn or the completion of any transaction with Carriage to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements include, without limitation: the ultimate outcome of any possible transaction between Park Lawn and Carriage, including the possibility that Carriage will or will not accept a transaction with Park Lawn; the ability of Park Lawn to obtain funding on the terms contemplated and to satisfy the conditions to any such funding, some of which may be beyond the control of Park Lawn; actions taken by Carriage; actions taken by security holders of Carriage or Park Lawn in respect of any transaction; the ability to obtain any required regulatory approvals and meet other closing conditions to any possible transaction, including any necessary shareholder approvals; that any transaction ultimately completed will perform as expected; any changes in general economic, market and/or industry-specific conditions, including in interest rates, currency exchange rates or commodity prices; industry risk; actions taken by Carriage’s lenders; and that there are no inaccuracies or material omissions in Carriage’s publicly available information. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed above and other factors described under the heading “Risk Factors” in Park Lawn’s most recent Annual Information Form and Management’s Discussion and Analysis available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, Park Lawn assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact Information
Investors:
Daniel Millett
Chief Financial Officer
(416) 231-1462, ext. 221
Media:
Jonathan Gasthalter/Amanda Shpiner/Sam Fisher
Gasthalter & Co.
(212) 257-4170