Matthews Int'l To Acquire Aurora Casket From Kohlberg & Company - Quick Facts

(RTTNews) - Matthews International Corp. (MATW) announced that it has signed a definitive agreement to acquire Aurora Casket Company from Kohlberg & Company.

As per terms of the transaction, Matthews will purchase Aurora's stock for $214 million in cash on a debt-free basis subject to a working capital adjustment. Additional consideration of $10 million is payable contingent upon the achievement of a specified increased level of adjusted EBITDA for the last full twelve months prior to the closing.

The combination is ultimately expected to achieve $15 to $20 million in annual cost synergies. The transaction is expected to close in the quarter ending September 30, 2015, subject to the receipt of regulatory approvals.

Matthews said it plans to integrate Aurora within its existing Memorialization Segment, which is a leading total solutions provider to the funeral and cemetery industries. The Matthews Funeral Home Products operations will be combined with Aurora to form Matthews Aurora Funeral Solutions.