A Pittsburgh private equity firm purchased a Jeannette-based company that is one of the largest privately owned gravesite operators in the nation, with 26 memorial parks, including four in Westmoreland County and another in Washington County.
Stonewood Capital Management said this week an unnamed affiliate purchased CMS East Inc. on Agnew Road for an undisclosed price. CMS owns Westmoreland Memorial Park in Hempfield, Penn-Lincoln Memorial Park in North Huntingdon, Jeannette Memorial Park and Greenwood Memorial Park in Lower Burrell, as well as nine others in the state and memorial parks in Ohio, Maryland, and the Carolinas.
“CMS East has developed a very attractive network of memorial parks which have served families for decades,” Peter J. Muth, senior vice president of Stonewood Capital, said in a statement.
Muth could not be reached for comment. The company declined to offer additional information.
The Stonewood Capital affiliate acquired all shares in CMS East, which was founded by George Stoecklein Sr. in 1957, the year after he and his brother bought Penn-Lincoln Memorial Park, according to the company website. CMS East will retain its 130 employees and continue its operations, said Jude Abraham, CMS East president.
Because of the nature of the sale, Abraham said the change in company ownership will not result in four deeds being filed with the Westmoreland County Recorder of Deeds.
S&T Bank of Indiana provided a senior lending facility to support the acquisition, Stonewood Capital said. It did not reveal how much money it borrowed, nor was there a mortgage recorded with the county.
Stonewood Capital said it typically acquires companies with manufacturing, assembly or distribution capabilities with sales from $5 million to $50 million in the Mid-Atlantic region.
