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Topic: Roy P. Disney buying cremation company< Next Oldest | Next Newest >

RichKoster Offline

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Posted: Aug. 27, 2003 11:03 am/pm Quote

Roy P. Disney to buy cremation company

Quick quote:

A private investment firm controlled by Roy P. Disney, whose great-uncle founded entertainment conglomerate Walt Disney Co. DIS.N , has agreed to buy a cremation company for $8.5 million, expanding beyond investments in broadcasting, manufacturing and real estate.

The transaction was announced late on Tuesday by Neptune Society Inc. NPTI.OB , a California company that specializes in cremation.

Under the terms of the planned deal, Apogee Cos., which is the investment firm controlled by Roy P. Disney, will form an affiliate that will buy the operating assets of Neptune Society for $8.5 million in cash.

Apogee confirmed the transaction but declined to comment on specifics, citing a confidentiality agreement.

In addition to the cash purchase price, the deal calls for Neptune Society to receive $3 million in notes with an annual interest rate of 6 percent three years after the transaction is complete.

Apogee will also assume about $7.4 million in Neptune Society debt and other other liabilities, the cremation company said in a news release.

Roy P. Disney is the grand nephew of Walt Disney, whose studios and theme parks made Mickey Mouse an international icon. He is the son of Roy E. Disney, who is vice chairman of the Burbank, California-based entertainment giant.

Roy P. Disney did not immediately respond to calls seeking comment on the Neptune Society transaction.

Apogee, which is also based in Burbank, was founded in 1992. The firm has made investments in radio and television stations, as well as in the manufacturing and real estate sectors.

Neptune Society cautioned that there is "no assurance" that the letter of intent will be completed as planned.

Full details.


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RichKoster Offline

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Posted: Aug. 27, 2003 11:24 am/pm Quote

As the L.A. Times writes, Disney heir may breathe new life in cremation firm!
:laugh:


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1 replies since Aug. 27, 2003 11:03 am/pm < Next Oldest | Next Newest >

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