StoneMor Partners L.P. Announces Agreement to Sell Oakmont Memorial Park & Mortuary to Carriage Services, Inc. for $33 Million
StoneMor Inc. (STON)
US:NYSE Investor Relations:
stonemor.com/investors/default.aspx
Company Research
Source: GlobeNewswire
TREVOSE, Pa., Dec. 04, 2019 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE: STON) (“StoneMor” or the “Partnership”), a leading owner and operator of cemeteries and funeral homes, today announced it has signed a definitive agreement to sell the assets of Oakmont Memorial Park & Mortuary (“Oakmont”) located in Lafayette, California, to Carriage Services, Inc. for a total purchase price of $33 million in cash, subject to customary working capital adjustments. Joe Redling, StoneMor’s President and Chief Executive Officer said, “The sale of Oakmont is a significant achievement in accordance with our previously announced divestiture strategy. It allows us to divest assets at attractive multiples, reduce debt levels and improve the cash flow and liquidity profile of the business. “Additionally, this sale represents a pivotal first step in optimizing our operating footprint. We remain focused on executing our divestiture strategy in geographic areas where we lack meaningful operating sc
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