LEVITTOWN, Pa., May 21, 2014 (GLOBE NEWSWIRE) -- StoneMor Partners L.P. (NYSE:STON) announced today that it has closed the previously announced transaction with American Infrastructure MLP Funds ("AIM"), a private investment firm. AIM has purchased $55 million of four-year, non-cash common units to fund near term acquisitions, and has acquired an indirect majority interest in the general partner of the company. The company's founders and management team continue to hold in excess of 32% of the general partner following the closing. As part of the transaction, AIM will make available up to $50 million of additional capital contributions to fund growth. AIM invests in companies that qualify as master limited partnerships and manages over $1.5 billion in assets.
"On behalf of the company and management team, we are delighted to have closed this transaction so swiftly, and we look forward to deploying the additional commitment from AIM within the general partner to fuel further growth in our business," said Lawrence Miller, StoneMor's President and Chief Executive Officer.
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 278 cemeteries and 90 funeral homes in 28 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.
For additional information about StoneMor Partners L.P., please visit StoneMor's website, and the Investors section, at www.stonemor.com. Information on StoneMor's website is not incorporated by reference into this press release and does not constitute a part of this press release.
About American Infrastructure MLP Funds
AIM is a private investment firm based in the San Francisco Bay Area. With approximately $1.5 billion of assets under management, AIM specializes in investments in real property, natural resources and infrastructure businesses. More information about AIM can be found at www.aimlp.com or by contacting AIM at firstname.lastname@example.org.
Certain statements contained in this press release, including, but not limited to, information regarding the status and progress of our operating activities, the plans and objectives of our management, assumptions regarding our future performance and plans, and any financial guidance provided, as well as certain information in our other filings with the Securities and Exchange Commission (the "SEC") and elsewhere are forward-looking statements. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "project," "expect," "predict" and similar expressions identify these forward-looking statements. These forward-looking statements are made subject to certain risks and uncertainties that could cause actual results to differ materially from those stated or implied, including, but not limited to, the following: uncertainties associated with future revenue and revenue growth; the effect of economic downturns; the impact of our significant leverage on our operating plans; our ability to service our debt and pay distributions; the decline in the fair value of certain equity and debt securities held in our trusts; our ability to attract, train and retain an adequate number of sales people; uncertainties associated with the volume and timing of pre-need sales of cemetery services and products; increased use of cremation; changes in the death rate; changes in the political or regulatory environments, including potential changes in tax accounting and trusting policies; our ability to successfully implement a strategic plan relating to achieving operating improvements, strong cash flows and further deleveraging; our ability to successfully compete in the cemetery and funeral home industry; uncertainties associated with the integration or anticipated benefits of our recent acquisitions or any future acquisitions; our ability to complete and fund additional acquisitions; litigation or legal proceedings that could expose us to significant liabilities and damage our reputation; the effects of cyber security attacks due to our significant reliance on information technology; uncertainties relating to the financial condition of third-party insurance companies that fund our pre-need funeral contracts; and various other uncertainties associated with the death care industry and our operations in particular.
When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements set forth in our Annual Report on Form 10-K and our other reports filed with the SEC. Except as required under applicable law, we assume no obligation to update or revise any forward-looking statements made herein or any other forward-looking statements made by us, whether as a result of new information, future events or otherwise.
John McNamara (215) 826-2800