Matthews Gains Star Granite & Bronze
PITTSBURGH – Matthews International Corp. acquired Star Granite & Bronze of Elberton, Ga., in a $41.2 million deal last week.
The purchase is subject to a working capital adjustment and potential contingent consideration adjustment based on future performance.
Matthews plans to integrate Star, a family-owned company founded in 1951, within its Matthews Cemetery Products business; that’s part of its Memorialization Segment, a leading total solutions provider to the funeral and cemetery industries.
The purchase brings Matthews immediate access to a larger pool of granite inventory, future access to expanded granite product offerings, more timely and efficient delivery service for its granite product lines, expanded state-of-the-art technology solutions, broader access to the widest variety of granite cremation solutions available, including best-in-class cremation garden capabilities, and enhanced granite marketing programs designed to help customers grow their businesses.
In the year ending last Dec. 31, Star reported revenues of approximately $31.3 million and a workforce of approximately 200 employees.
“We are pleased to welcome Star to the Matthews family,” said Steve Gackenbach, Group President, Matthews Memorialization. “The joining of our two companies is a continuation of our vision to be the premier full-line supplier to the death-care industry, further strengthening both companies’ capabilities to serve our customers, especially pertaining to the overall granite offerings.
“We’re committed to providing seamless service as we integrate the two companies’ capabilities, offering an expanded suite of best-in-class products and solutions to help our customers meet the memorialization needs of today’s families.”
“The Star team and members of the Adams family are excited to join Matthews Cemetery Products,” said Star President/CEO Rusty Adams, “as we know this partnership means both companies’ customers will now gain enhanced benefits while continuing to receive the exceptional quality and service they have come to expect from both Star and Matthews. The partnership with Matthews is a great fit for our customers and employees.”
Matthews International Corp. (NASDAQ: MATW) is a global provider of brand solutions, memorialization products and industrial technologies. Based in Pittsburgh, the company recorded $1.52 billion in revenue last year, with its Memorialization Segment accounting for 40.6% of the total.
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