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.

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.