Chris Trainor will continue to lead Batesville as CEO, having served as its president since 2015, LongRange Capital said in a news release announcing the closing of its acquisition of the storied company from Hillenbrand.
“We are excited to close on our acquisition of Batesville and look forward to partnering with Batesville’s talented associates and management team led by Chris to support and grow the business well into the future,” said Bob Berlin, managing partner at LongRange, in a news release. “Chris is a seasoned executive and we’re confident that our partnership will enable Batesville to thrive, expand its service offerings, and build on its strong legacy.”
“I’m excited to continue leading Batesville as we begin our next chapter as a standalone business and with the support of LongRange to execute on our mission of helping families honor the lives of those they love,” Trainor said. “I look forward to expanding our capabilities, accelerating our growth, and delivering innovative products and solutions to our customers.”
Hillenbrand noted in its news release announcing the closing of the acquisition that it sold the business to LongRange Capital for $761.5 million, subject to agreed closing adjustments, which includes an $11.5 million subordinated note.
“Over the last 12 months, we have been laser-focused on creating shareholder value by accelerating our transformation into a pure-play industrial company,” said Kim Ryan, president and chief executive officer of Hillenbrand. “The completion of this transaction is a defining moment in Hillenbrand’s journey and allows us to concentrate our investments where we see strong growth potential, including durable plastics, food, and recycling. Our highly-engineered equipment and systems, our process expertise, and our industry-leading brands position us for compelling long-term growth.”
Following customary closing adjustments, Hillenbrand 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.
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