BL Memorial Partners, LLC completed the acquisition of Batesville Casket Company, Inc. from Hillenbrand, Inc. (NYSE:HI).
February 31, 2023
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BL Memorial Partners, LLC has entered into a definitive agreement to acquire Batesville Casket Company, Inc. from Hillenbrand, Inc. (NYSE:HI) for approximately $760 million on December 15, 2022. The consideration includes an $11.5 million sub-note. Hillenbrand is entitled to a termination fee of $30,000,000 if the Agreement is terminated in certain circumstances. The transaction is subject to regulatory approval and other customary closing conditions and is expected to close in the first quarter of 2023. Upon completion of Hillenbrand's divestiture of its Batesville business, Hillenbrand and Batesville will both remain headquartered in Batesville, Indiana. Net proceeds from the sale are expected to be used for debt reduction. Credit Suisse Securities (USA) LLC and TD Securities (USA) LLC acted as financial advisor to LongRange Capital, L.P. Peter Lieberman and Jackie Ruch of Greenberg Traurig, LLP acted as legal advisor to LongRange. Debt financing for the transaction is being led by TD Securities. Evercore Inc. (NYSE:EVR) acted as financial advisor to Hillenbrand, Inc. and Richard C. Witzel, Jr., Trevor R. Allen, Shalom D. Huber, Seth E. Jacobson and Steven J. Matays of Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisor to Hillenbrand, Inc. Stikeman Elliott acted as Canadian counsel to LongRange Capital Legal Team: Evan Marcus, Bita Ghiasi and David Morson,Nancy Ramalho and Natasha vandenHoven and Madison Sutherland,Ryan Sheahan,Adam Drori, Alina Smirnova, Rebekah Dong and Jordan Nensi.
BL Memorial Partners, LLC completed the acquisition of Batesville Casket Company, Inc. from Hillenbrand, Inc. (NYSE:HI) on February 1, 2023. Chris Trainor will continue to lead Batesville as chief executive officer. Following customary closing adjustments, the Company expects after tax net proceeds of approximately $530 million, which it plans to use for existing debt reduction. Hillenbrand will remain headquartered in Batesville, Indiana. Stephen M. Kotran of Sullivan & Cromwell LLP represents Evercore as financial adviser to Hillenbrand, Inc.
Hillenbrand, Inc. is a global industrial company that provides processing equipment and solutions. The Company operates through two segments: advanced process solutions and molding technology solutions. The advanced process solutions segment is a provider of process and material handling equipment, systems, and aftermarket parts and services for a variety of industries, including durable plastics, food and recycling. This segment's technologies include compounding, extrusion, material handling, conveying, mixing, ingredient automation, portion process, and screening and separating equipment. The molding technology solutions segment provides equipment, systems and aftermarket parts and service for the plastic technology processing industry. This segment has a product portfolio that includes injection molding and extrusion equipment, hot runner systems, mold bases and components, and maintenance, repair, and operating supplies. Its brands include Coperion, Milacron, K-Tron and Rotex.
HILLENBRAND, INC. 
