Hillenbrand Divests Batesville Casket Business For ~$761M - Hillenbrand (NYSE:HI)

Hillenbrand Inc 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.
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