Carriage Services, Inc. Announces Closing Acquisitions from Service
HOUSTON, May 15, 2014
HOUSTON, May 15, 2014 /PRNewswire/ --Carriage Services, Inc. (NYSE: CSV) (the
"Company") announced today it closed on its acquisitions from Service
Mel Payne, Chief Executive Officer, stated, "We are excited and very proud to
announce that today we closed the acquisition of six businesses in New Orleans
and Alexandria, Virginia from Service Corporation International pursuant to a
Consent Decree Application approved this past Monday by the Federal Trade
Commission. We had a goal of being the first buyer in our industry to close
on the large number of Service Corporation International divestitures
resulting from their acquisition of Stewart Enterprises, and we achieved that
goal through a team effort by a group of high performance 4ELeaders.
This high quality group of operating businesses includes the following:
oGarden of Memories Funeral Home and Cemetery, Metairie, LA;
oSchoen Funeral Home, New Orleans, LA;
oGreenwood Funeral Home, New Orleans, LA;
oTharp-Sontheimer-Tharp Funeral Home, Metairie, LA;
oEverly Community Funeral Care, Falls Church, VA; and
oEverly-Wheatley Funeral Home, Alexandria, VA.
The four businesses in New Orleans, Louisiana and two in Alexandria / Falls
Church, Virginia (FairfaxCounty), provide Carriage strong franchises from
which we can build a track record of success and reputation in these two
large, demographically attractive strategic markets. We did extensive due
diligence on many of the packages of properties in other markets that were
being divested and these two we have since confirmed are the 'pick of the
litter' as to the quality of the properties and the people necessary to
compete successfully for market share by simply Being The Best in these
markets at providing high value funeral and cemetery sales and service to
Since we have had our operating and support teams frequently in these
businesses doing pre-acquisition integration work over the last two months, we
have become more excited about the opportunity, and so have the local
employees, to implement Carriage's Standards Operating Model with strong 4E
Leadership from our new Managing Partners and their teams of highly motivated
and skilled employees. These two markets have been heavily consolidated over
the past forty years, so our bottoms-up focus on decentralized decision making
to grow the number of client families served through our facilities over time
will offer these communities and markets something different, positive and
customized to their respective local needs.
The other future opportunity for Carriage in these strategic markets is to
build trusting relationships with other high quality funeral and cemetery
business owners so that they know that we offer a very different succession
planning solution if and when an ownership transition plan makes sense. We
have already begun the process of identifying and building relationships with
the largest and highest quality independents in both New Orleans and nearby
markets and in the Washington, D.C. area.
Finally, I speak for all of our leaders, employees and Board Members by
offering a heartfelt welcome to all of the employees in the acquired
businesses who have now joined the Carriage family of elite businesses as we
continue our Good To Great Journey."
Carriage Services is a leading provider of deathcare services and merchandise
in the United States. Carriage operates 167 funeral homes in 27 states and 32
cemeteries in 11 states.
Statements set forth in this communication that are not historical facts are
intended to be forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. The words "believe," "expect," "anticipate,"
"plan," "intend," "foresee," "should," "would," "could" or other similar
expressions are intended to identify forward-looking statements, which are
generally not historical in nature. These statements are based on assumptions
that the Company believes are reasonable; however, many important factors, as
discussed under "Forward-Looking Statements and Cautionary Statements" in the
Company's Annual Report on Form 10-K for the year ended December 31, 2013,
could cause the Company's results in the future to differ materially from the
forward-looking statements made herein and in any other documents or oral
presentations made by, or on behalf of, the Company. The Company assumes no
obligation to update or publicly release any revisions to forward-looking
statements made herein or any other forward-looking statements made by, or on
behalf of, the Company.
SOURCE Carriage Services, Inc.
Contact: Investor Relations, Bill Heiligbrodt, 713-332-8553
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