Matthews International Corporation has acquired Star Granite & Bronze, based in Elberton, for $41.2 million, subject to a working capital adjustment and potential contingent consideration adjustment based on future performance, according to a press release issued by Matthews International on Thursday.
Star, a family-owned business, is a well-respected manufacturer and distributor of granite and other memorialization products to cemeteries and other customers across the United States. In the year ended December 31, 2017, Star’s revenues were approximately $31.3 million and the company has approximately 200 employees.
Matthews, headquartered in Pittsburgh, Pa., plans to integrate Star within its Matthews Cemetery Products business, part of its Memorialization Segment, a leading total solutions provider to the funeral and cemetery industries. Matthews and Star share established traditions of providing customers with the highest quality products and superior customer service. Merging the capabilities of these two companies will bring together their best products, programs, and services to better serve their customers. Benefits will include 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.
Steve Gackenbach, Group President of Matthews Memorialization, said, “We are pleased to welcome Star to the Matthews family. 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.”
Star Granite & Bronze owner Rusty Adams said, “The Star team and members of the Adams family are excited to join Matthews Cemetery Products, 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.”