MEMORIAL care provider Forest Lake secured a P245-million loan from ATR Asset Management Group (ATRAM Group) for the planned expansion of its memorial and death care services.
“We are pleased to extend a P245 million private credit facility to Forest Lake in order to finance the company’s projects in the upcoming years,” ATRAM Alternatives Managing Director Ronald Benjamin Roa said in a press release.
“This loan opens up vast opportunities for sustainable growth for Forest Lake, especially now that we are expanding our services across different regions in the Philippines,” said Alfred Xerez-Burgos III, president and chief executive officer of Forest Lake Memorial Services Corp.
Forest Lake and ATRAM Group signed a memorandum of agreement on Nov. 4 and Primeiro Partners was tapped as Forest Lake’s financial advisor for the transaction.
“With fresh capital from ATRAM, Forest Lake will be able to launch new memorial parks as the leading memorial park developer in the country that offers total memorial care services,” Primeiro Managing Partner Stephen Sieh said.
To date, Forest Lake has opened a total of 34 memorial parks nationwide and is planning to expand across different communities in the Philippines.
“For over 25 years, Forest Lake continues to fulfill its vision of building a better place for generations to immortalize memories of their loved ones and celebrate the living,” Mr. Xerez-Burgos said.
Forest Lake’s memorial care services include funeral, cremation, interment, and park maintenance services. It plans to further expand its offerings to its Iloilo and Zamboanga parks in the coming months. — Justine Irish D. Tabile