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Hillenbrand Announces Divestiture of Batesville Casket Company, Accelerating Transformation

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Hillenbrand, Inc. announced today that it has entered into a definitive agreement to sell its Batesville business segment to an affiliate of private equity firm, LongRange Capital, for $761.5 million, which includes an $11.5 million sub-note. This transaction is expected to close in the first calendar quarter of 2023, subject to regulatory approvals and other customary closing conditions.

Hillenbrand had announced on July 20, 2022, that its Board of Directors had initiated a process to explore strategic alternatives for its Batesville business. After thorough review, it was determined that the divestiture of the Batesville business is in the best interests of Hillenbrand and its shareholders.

When completed, this divestiture, coupled with the strategic acquisitions of LINXIS Group, Herbold Meckesheim, Peerless Food Equipment, and Gabler Engineering in 2022, will mark a significant milestone in Hillenbrand’s transformation, establishing Hillenbrand as a global industrial leader in highly engineered, mission-critical processing solutions. With industry-leading brands in its Advanced Process Solutions (APS) and Molding Technology Solutions (MTS) segments, Hillenbrand is well-positioned to accelerate long-term growth in attractive end markets including plastics, food, and recycling, all of which are expected to benefit from secular macroeconomic growth trends.

The transaction allows Hillenbrand and Batesville to maintain clear focus on their respective core industries, creating value for customers, shareholders, other stakeholders, and associates. Upon completion of Hillenbrand’s divestiture of its Batesville business, Hillenbrand and Batesville will both remain headquartered in Batesville, Indiana.  

“Completing our transformation into a pure-play industrial company allows Hillenbrand to concentrate our investments into our APS and MTS segments, where we see strong growth potential,” said Kim Ryan, President and Chief Executive Officer of Hillenbrand. “We look forward to building upon our track record of performance, enabled by consistent deployment of the Hillenbrand Operating Model to drive profitable growth and deliver long-term value to our shareholders.”

“Batesville is a strong business with passionate associates who are committed to our customers and our mission of helping families honor the lives of those they love,” said Chris Trainor, President of Batesville. “We will remain focused on serving our customers and look forward to working with LongRange Capital as our partner, and with Hillenbrand to ensure a smooth transition for our associates.”

Beginning in its fiscal 2023 first quarter, Hillenbrand expects to classify the Batesville business as “held for sale” and anticipates it will report results of the Batesville business as discontinued operations for the current and historical periods in Hillenbrand’s consolidated financial statements. Net proceeds from the sale are expected to be used for debt reduction.

Evercore acted as a financial advisor for Hillenbrand for this transaction, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel. Credit Suisse served as lead financial advisor to LongRange Capital and TD Securities also served as financial advisor. Greenberg Traurig, LLP acted as legal counsel to LongRange Capital.

About Hillenbrand

Hillenbrand (NYSE: HI) is a global industrial company operating in over 40 countries with over 10,000 associates serving a wide variety of industries around the world. Guided by our Purpose — Shape What Matters For Tomorrow™ — we pursue excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders. Hillenbrand’s portfolio includes brands such as Coperion, Milacron Injection Molding & Extrusion, and Mold-Masters, in addition to Batesville. To learn more, visit:

About Batesville

Batesville (, a wholly owned subsidiary of Hillenbrand, Inc. (NYSE: HI), is a recognized leader in the death care industry in North America, offering a comprehensive portfolio of burial and cremation products, memorialization options and innovative technology solutions. For more than a century, Batesville has supported licensed funeral professionals in helping families honor the lives of those they love.® A history of manufacturing excellence, product innovation, superior customer service and reliable delivery helped Batesville become – and remain – an industry leader.

Source: Hillenbrand, Inc.