Hillenbrand selling Batesville business segment for $761.5M

Hillenbrand has entered into a definitive agreement to sell its Batesville business segment to an affiliate of private equity firm, LongRange Capital, for $761.5M, which includes an $11.5M sub-note. This transaction is expected to close in 1Q23, subject to regulatory approvals and other customary closing conditions. Upon completion of Hillenbrand’s divestiture of its Batesville business, Hillenbrand and Batesville will both remain headquartered in Batesville, Indiana. Beginning in its 1Q23, Hillenbrand expects to classify the Batesville business as "held for sale" and anticipates it will report results of the Batesville business as discontinued operations for the current and historical periods in Hillenbrand’s consolidated financial statements. Net proceeds from the sale are expected to be used for debt reduction.