Hillenbrand Divests Batesville Casket Business For ~$761M

• Hillenbrand Inc (NYSE: HI) has agreed 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. 

• Batesville offers a wide selection of burial and cremation products, keepsakes, and business and technology solutions that serve the needs of families and licensed funeral professionals across North America.

• On July 20, 2022, Hillenbrand announced that its Board had initiated a process to explore strategic alternatives for its Batesville business.

• The company expects to close the transaction in the first calendar quarter of 2023 and use the net proceeds for debt reduction.

• Hillenbrand expects the divestiture to complete its transformation into a pure-play industrial company positioned for long-term growth and shareholder value creation.

• "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 CEO Kim Ryan.

• Price Action: HI shares traded lower by 1.33% at $49.15 on the last check Thursday.

• Photo Via Company

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