In an announcement made today, StoneMor Partners LP acquired Seawinds Funeral Homes of Central Florida. The funeral company consists of a network of six funeral homes located between West Palm Beach and Melbourne where two of the funeral homes have cremation facilities.
The transaction was conducted through an exchange of cash and equity funded through StoneMor's credit facility. The merger would then bring the facilities under the supervision of Lohman Funeral Homes, another company owned by StoneMor.
During the announcement, StoneMor announced it has amended its credit agreement to increase its current credit facility from US$10 million to US$140 million. StoneMor Partners President and CEO 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."
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