A Bucks County company that works with funeral homes was recently acquired by a major capital management firm based in New York City. Jeff Ward wrote about the deal for WFMZ 69 News.

StoneMor, Inc., the Bensalem-based owner and operator of cemeteries and funeral homes, has been acquired by asset manager Axar Capital Management for $3.50 per share, with the deal being approved by StoneMor shareholders on Nov. 1, making the company an Axar subsidiary.

The deal is part of the push by investors to find growth in the “death care” industry. There are currently around 18,800 funeral homes in the U.S. The industry generates billions in revenue each year.

Nearly 89 percent of funeral homes are owned by families or individuals, but private-equity firms and publicly traded companies are also in the business of serving families dealing with one of the biggest expenses in life. StoneMor operates 302 cemeteries and 74 funeral homes throughout 23 states and Puerto Rico.

Prior to the acquisition, Axar already owned about three quarters of StoneMor’s shares. The $3.50 per share price was a 54 percent premium over the share price when the deal was made public in May.

“Our agreement with Axar delivers a significant premium for StoneMor’s stockholders and ensures a strong foundation for us to continue our expansion,” said StoneMor Chief Executive Officer Joe Redling.

Read more about StoneMor at WFMZ 69 News.