NEW YORK, April 1, 2020 /PRNewswire/ -- Alleghany Capital
Corporation ("Alleghany Capital"), a wholly-owned subsidiary of
Alleghany Corporation, today announced that it has acquired a
majority interest in Wilbert Funeral Services, Inc. ("Wilbert"), a
leading provider of products and services for the funeral and
cemetery industries and precast concrete markets. Alleghany Capital
has owned a 45% equity interest in Wilbert since
2017. Headquartered in Overland
Park, Kansas, Wilbert operates through company-owned
locations and a network of nearly 200 licensees that manufacture
and distribute Wilbert® branded products throughout
the United States and Canada.
David Van Geyzel, President and
Chief Executive Officer of Alleghany Capital, commented, "Having
worked closely with Wilbert for almost three years, we have
developed a deep respect for the entire team. Wilbert has a solid
business model with numerous growth opportunities and Alleghany
Capital looks forward to assisting the company, its employees, and
its licensees as they continue to build on Wilbert's long and
impressive history. Since its founding in 1880, Wilbert has
persevered through periods of macro-economic uncertainty and we are
committed to working with the Wilbert team to successfully navigate
the current environment."
Joseph U. Suhor, III, Chairman of
the Board of Directors of Wilbert, stated, "Alleghany Capital has
exhibited a strong commitment to the long-term growth and success
of Wilbert and its licensees since our partnership began. I am
pleased that we have found a long-term owner for the company that
shares our values, particularly our focus on serving families with
dignity and our emphasis on innovation. I look forward to
continuing in my recent role as Chairman of the Board and providing
strategic support to Alleghany Capital and Wilbert's management
team."
Dennis Welzenbach, President and
Chief Executive Officer of Wilbert, added, "We want to thank our
Wilbert team and licensees for contributing to Wilbert's long-term
success. I would also like to recognize the Alleghany Capital team
and the outside professionals who assisted in the completion of
this transaction. Alleghany Capital has added another
exceptional brand to its family of companies and we are confident
that we have made the right decision for the future of Wilbert and
the licensee network. We believe that with the ongoing efforts
of the Wilbert team and the support of Alleghany Capital, the
company and the licensee network will both continue to be in good
hands."
Udi Toledano, Chairman of
Alleghany Capital, stated, "We are pleased that Joe and Dennis will
remain actively involved with the company, along with Mark Bates, a long-time Wilbert Board member and licensee, who recently
joined the company as Chief Operating Officer."
Rob Hulick, Principal of
Alleghany Capital, added, "Consistent with Alleghany Capital's
operating model, Wilbert's day-to-day operations will not change
following the closing of the transaction. We believe the
company is well-positioned for long-term success and we look
forward to providing patient capital and resources to help Wilbert
execute its organic growth plans and add-on acquisition strategy in
the years to come."
Dinan & Company acted as financial advisor and Willkie Farr & Gallagher LLP acted as legal
counsel to Alleghany Capital. Spencer Fane LLP acted as legal
counsel to Wilbert.
About Wilbert Funeral Services, Inc.
Established in
1880, Wilbert Funeral Services, Inc. is a licensor of, and supplier
to, independently owned concrete burial vault manufacturers that
are licensed to manufacture Wilbert® brand burial vaults under an
intellectual property license agreement including the sale of
cremation products, vault forms, liners and other related products
to the licensees. The company sells other funeral industry products
directly to funeral home customers through its vast distribution
network. Wilbert's Company Store division manufactures and
distributes vaults, caskets, lawn crypts, monuments, and other
precast concrete products as a licensee. Substantially all of
the company's customers are located in the United States and Canada. For more information about Wilbert,
please visit www.wilbert.com.
About Alleghany Capital Corporation
Alleghany Capital Corporation owns and manages a diverse
portfolio of middle market businesses for its parent company,
Alleghany Corporation (NYSE: Y). Alleghany Capital's
industrial businesses include: (i) Precision Cutting Technologies,
Inc., a holding company focused on the machine tool and consumable
cutting tools sectors through Bourn & Koch, Inc., Diamond
Technology Innovations, Inc., CID Performance Tooling, and
Supermill LLC; (ii) R.C. Tway Company, LLC (dba Kentucky Trailer),
a manufacturer of custom trailers and truck bodies for several
niche end markets; (iii) WWSC Holdings, LLC, a structural steel
fabricator and erector for commercial, industrial, and
transportation infrastructure projects; and (iv) Wilbert Funeral
Services, Inc., a provider of products and services for the funeral
and cemetery industries and precast concrete markets.
Alleghany Capital's non-industrial businesses include: (i) Concord
Hospitality Enterprises Company, a hotel management and development
company; (ii) IPS-Integrated Project Services, LLC, a provider of
design, engineering, procurement, construction management, and
validation services for the pharmaceutical and biotechnology
industries; and (iii) Jazwares, LLC, a global toy, entertainment,
and musical instrument company. For additional information
about Alleghany Capital Corporation, please visit
www.alleghanycc.com.
Forward-looking Statements
This release contains disclosures which are forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current
facts, and can be identified by the use of words such as "may,"
"will," "expect," "project," "estimate," "anticipate," "plan,"
"believe," "potential," "should," "continue" or the negative
versions of those words or other comparable words. These
forward-looking statements are based upon Alleghany's current plans
or expectations and are subject to a number of uncertainties and
risks that could significantly affect current plans, anticipated
actions and Alleghany's future financial condition and results.
These statements are not guarantees of future performance, and
Alleghany has no specific intention to update these
statements. As a consequence, current plans, anticipated
actions and future financial condition and results may differ from
those expressed in any forward-looking statements made by Alleghany
or on Alleghany's behalf.
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SOURCE Alleghany Corporation; Alleghany Capital Corporation