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LongRange Capital announced its acquisition of Batesville Casket Company from Hillenbrand (NYSE: HI). The deal, expected to close in Q1 2023 pending regulatory approval, is strategic for LongRange as it focuses on long-term investments in middle-market businesses. Founded in 1884, Batesville is a leading provider of death care products and technology solutions across North America. LongRange aims to partner with Batesville's management to support and grow the business further.
Positive
The acquisition of Batesville positions LongRange for potential growth in the death care market.
Partnership aims to leverage Batesville's established track record and operational capabilities.
Negative
Regulatory approval and customary closing conditions could delay the acquisition process.
STAMFORD, Conn.--(BUSINESS WIRE)--
LongRange Capital (“LongRange”), a private investment firm with a longer-term orientation to building and growing middle market businesses, announced that it has entered into a definitive agreement to acquire Batesville Casket Company (“Batesville”), a leading provider of quality death care products and services as well as innovative technology solutions. LongRange’s acquisition of Batesville, from Hillenbrand, Inc. (NYSE: HI), a global industrial company, is expected to close in the first quarter of 2023, subject to regulatory approval and other customary closing conditions.
Founded in 1884, Batesville has a long track record of creating and delivering quality funeral products and solutions. The company 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.
“As longer-term oriented investors with an operational focus and significant carve-out experience, we look forward to partnering with the Batesville management team and its dedicated associates in further supporting the business for many years to come,” said Bob Berlin, Managing Partner at LongRange. “We are greatly appreciative of Batesville’s long and successful operating history as part of Hillenbrand and we look forward to working closely to execute a seamless transition.”
“Batesville is a strong business with passionate associates who are committed to our customers and our mission of helping families honor the lives of those they love,” said Chris Trainor, President of Batesville. “We are excited to mark this important milestone for Batesville, and to work closely with LongRange as we position the business for its next chapter.”
Credit Suisse served as lead financial advisor to LongRange and TD Securities also served as financial advisor on the transaction. Greenberg Traurig, LLP acted as legal counsel to LongRange. Debt financing for the transaction is being led by TD Securities, who is acting as Joint Lead Arranger, Joint Bookrunner and Administrative Agent, along with Joint Lead Arrangers and Joint Bookrunners JPMorgan Chase Bank, N.A. and KeyBanc Capital Markets.
About LongRange Capital
Founded in 2019, LongRange Capital was formed to take a longer-term approach to investing and building middle market businesses through a company-focused and customer-first philosophy. The firm’s investment professionals have a long track record of demonstrated success and collectively bring 50+ years of investing experience. LongRange is currently investing a highly flexible, committed capital pool backed by long-term institutional holders. For more information, please visit www.longrangepartners.com.
