Cemetery and funeral home owner and operator StoneMor Partners has agreed to buy up to 16 Wisconsin-based cemeteries and a granite importing and finishing business for a total purchase price of approximately $12 million.
Trevose, Pennsylvania-based StoneMor (NYSE: STON) initially acquired 10 cemeteries, and will either acquire or manage an additional six cemeteries subject to the receipt of certain consents. The properties, located mostly in southeastern Wisconsin, include more than 500 acres of land, of which approximately 150 acres are undeveloped. The cemeteries perform approximately 2,100 interments per year and provide advanced funeral planning merchandise and services.
“These are terrific properties which expand our presence in the Upper Midwest, and represent our first entry into the well populated Wisconsin market,” StoneMor President and CEO Larry Miller said in a statement. “Consistent with our acquisition strategy, this transaction is expected to generate an internal rate of return (“IRR”) in excess of 30 percent and we expect it to be approximately 5 cents accretive to distributable free cash per unit in its first twelve months.
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