SIOUX CITY, Iowa (KCAU) — Meyer Brothers Funeral Home, a business with five buildings in the Siouxland area, will have a new owner.
The Canadian-based Park Lawn Corporation (PLC) announced in a release Monday that they acquired “substantially all the assets” of the Siouxland business that has served communities in Iowa and Nebraska for over 60 years.
“We are pleased to welcome the Meyer businesses into the Park Lawn family as they exemplify the characteristics of the premier independent operating firms Park Lawn seeks to partner with in its growth strategy. These highly regarded businesses are a staple in their respective communities and we are proud to have them as part of our team,” said J. Bradley Green, Chief Executive Officer of PLC.
For PLC, highlights of the transactions include:
- The addition of five stand-alone funeral homes.
- The transaction represents 1,116 calls per year and is expected to be financed with funds from PLC’s credit facility and available cash on hand.
- The Meyer acquisition is expected to add approximately US$1,843,734 in Adjusted EBITDA annually.
- For the 12 months ended December 31, 2022, PLC had Adjusted EBITDA of US$74,948,868 and net earnings of US$25,124,765.
- The agreed upon purchase price multiple for the transaction is within PLC’s publicly-stated targeted Adjusted EBITDA multiple range for its historical transactions.
“For over 60 years the Meyer family has proudly served Sioux City, IA, South Sioux City, NE and Ponca, NE and the surrounding communities and we look forward to continuing to provide outstanding service to our families through our partnership with Park Lawn,” said Dale Meyer, former owner of Meyer.
The Meyers Brothers business started in the 1960’s when brothers Bill and Chuck Meyer came to Sioux City, according to the business. During that decade, the duo purchased three funeral homes locations: Manning-O’Toole, Perasso Brothers, and Anderson Funeral Homes. In 1973, a new facility was built on the corner of Hamilton Boulevard and Stone Park Boulevard after the Manning-O’Toole building had to be relocated. the new building was called the Meyer Brothers Colonial Chapel.
Eventually, Chuck’s son, Dale, and Bill’s daughter, Cindy, joined the company in 1979 and 1983, respectively. In the 1990’s, Bill and Chuck Meyer retired within five years of each other.
Under the management of Dale Meyer, the company purchased two more buildings in the Morningside and north side areas and two in South Sioux City and Ponca, Nebraska from 2001 to 2018.