OREGON BUSINESSES PURCHASED BY TOM BOYNTON AND GREG ROLLINGS
COOS BAY, OREGON – The two largest funeral homes and cemeteries in Coos Bay and North Bend, Oregon became locally owned again in September of this year. The Coos Bay Chapel, Sunset Memory Park, Ocean View Memory Gardens, and North Bend Chapel, all located in or near Coos Bay, Oregon, were purchased by a company formed by Tom Boynton, the businesses’ long-time manager and Greg Rollings, a regional owner of funeral homes. The funeral homes serve approximately 400 families annually.
Service Corporation International, which owns more than a thousand funeral homes throughout the United States, purchased the businesses in 1996. For several reasons, however, Service Corporation determined that these businesses no longer fit their operating strategy and put the businesses up for sale.
In September of this year, Tom Boynton, the eight year manager of the businesses, was able to purchase the businesses with the help of Greg Rollings. Rollings has gained notoriety in recent years as he has assisted managers who are buying businesses from their employers. In the past three years, Rollings has purchased 14 funeral home locations each with the strategy of having the local manager become the eventual 100% owner.
“I tried to get financing through several other sources but really didn’t have much success finding a good lender until Greg.” said Mr. Boynton, “Greg’s structure is actually better than a bank for two reasons. First he provides the majority of the money needed to close, but maybe even more importantly, he’s very involved in helping us transition from SCI to local ownership and operation.” Boynton added “It’s very gratifying to me to be able to bring these businesses back to local ownership. It’s a dream come true, really.”
“Tom Boynton is a perfect partner for us. He’s very well liked and respected in this area of Oregon and he agrees with us that the families that we serve always come first.” Rollings added, “We’re very excited to have Tom as a partner.” Greg Rollings, through his subsidiaries, owns and operates 17 funeral home and cemetery locations and serves more than 2,200 families annually.
The NewBridge Group (www.newbridgegroup.com) represented the Buyer in the transaction. Vineyard Financing (www.vineyardfinancing.com) provided financial backing of the buyers.