Hillenbrand, Inc. announced today that it has an agreement in place to sell its Batesville casket business segment for $761.5 million to an affiliate of private equity firm, LongRange Capital.
The transaction is expected to close in the first quarter of next year.
Both Batesville and Hillenbrand are planning to retain their headquarters in Batesville.
Batesville offers a portfolio of burial and cremation products, memorialization options and innovative technology solutions in the death industry. For more than a century, Batesville has supported licensed funeral professionals.
Hillenbrand announced in July that it was exploring alternatives for the Batesville business. Hillenbrand sees this as as milestone in the company’s transformation into a global industrial leader in advanced processing solutions and molding technology solutions. The company made strategic acquisitions of of LINXIS Group, Herbold Meckesheim, Peerless Food Equipment, and Gabler Engineering in 2022.
The company sees itself moving into end markets including plastics, food and recycling.
After the company announced its intention to look for alternatives, it determined that divesting the Batesville business was in the best interests of the company and its shareholders.
LongRange Capital was founded in 2019 and was formed to take a longer-term approach to investing and building middle market businesses through a company-focused and customer-first philosophy, according to that company’s announcement of the deal.