StoneMor Partners L.P. today announced that it had acquired five cemeteries and five funeral homes in Indiana, two cemeteries in Ohio and one cemetery in Michigan. The cemeteries and funeral homes were purchased out of state court-appointed receiverships in Indiana and Michigan. StoneMor’s investment in this transaction, including advances to fund trust shortfalls, totaled approximately $33 million in cash and StoneMor units. For additional information about this transaction, see StoneMor’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 25, 2010.
These properties are expected to contribute approximately $14 million to the value of contracts written and $18 million in production-based revenue during their first year of operation. Although there is no assurance of future performance or increased distributions to unit holders, historically, StoneMor has been able to improve revenues and operating profits of acquired properties.
Read more: StoneMor Announces Acquisition of 8 Cemeteries and 5 Funeral Homes
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