Rock of Ages has been acquired by PKDM Holdings, Inc.

Covington Associates today announced it has acted as financial advisor to Rock of Ages Corporation (NASDAQ:ROAC), a granite quarrier and manufacturer of finished granite memorials and granite blocks for memorial use, as it has sold its retail operations to PKDM Holdings, Inc. Under the definitive stock purchase agreement for the sale of the Company's wholly owned subsidiary Rock of Ages Memorials, Inc. which closed yesterday, the Company will receive approximately $7.6 million in net cash proceeds, after closing adjustments. In addition, PKDM will be responsible for purchasing $2.1 million in inventory retained by ROAC as it is sold plus any inventory remaining after the tenth anniversary of the transaction. As part of the transaction, approximately $6.7 million of current retail liabilities, primarily customer deposit obligations, accounts payable and accrued expenses, as well as obligations under pending retail contracts for memorials, will be retained by the purchased subsidiary.