This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

StoneMor Partners L.P. Acquires Florida-Based Seawinds Funeral Homes

LEVITTOWN, Pa., Feb. 22, 2013 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) today announced it had acquired the Seawinds Funeral Homes located in Central Florida. Seawinds consists of 6 funeral homes situated between Melbourne and West Palm Beach. Two of the homes also contain cremation facilities. The transaction was completed through a combination of cash and equity, and was funded under StoneMor's existing credit facility. It is expected that the properties will be managed by StoneMor's Lohman Funeral Homes operations.

At the same time, StoneMor announced that it had amended its credit agreement to increase its credit facility by $10 million to $140 million.

Commenting on the acquisition and the revised credit agreement, StoneMor Partners President and Chief Executive Officer, Larry Miller, said, "This Seawinds acquisition further enhances our Florida operation in a number of ways. We expect that the acquired properties will be immediately accretive and the acquisition will be deleveraging under our credit facility. We also believe we will be able to grow the business under the Lohman team.

"The revised credit agreement provided us with the added flexibility to pursue this acquisition. We have built a strong foundation in the Florida market, and we look forward to creating additional value for our unitholders."

About StoneMor Partners L.P.

StoneMor Partners L.P., headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 276 cemeteries and 92 funeral homes in 26 states and Puerto Rico. StoneMor is the only publicly traded deathcare company structured as a partnership. StoneMor's cemetery products and services, which are sold on both a pre-need (before death) and at-need (at death) basis, include: burial lots, lawn and mausoleum crypts, burial vaults, caskets, memorials, and all services which provide for the installation of this merchandise.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,232.02 -53.72 -0.29%
S&P 500 2,126.06 -4.76 -0.22%
NASDAQ 5,089.3620 -1.4320 -0.03%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs