Tri-State company Hillenbrand to be sold for $3.8 billion

The former parent company of Batesville Casket Company has agreed to be bought for approximately $3.8 billion, or $32 per share. Batesville, Indiana-based Hillenbrand says it's agreed to be bought by an affiliate of Texas private equity firm, Lone Star Funds.

Hillenbrand is the region's 7th largest public company. The deal with Lone Star funds will take the company private, and according to the Cincinnati Business Courier, reduce the number of publicly held companies in the Tri-State to 20.

"Over the past several years, Hillenbrand has made tremendous progress transforming into a pure-play industrial company, reshaping our portfolio, and making strategic investments in the business," says Kim Ryan, president and CEO of Hillenbrand, in a release. "Lone Star recognizes this progress and sees a bright future, given our successful leading businesses and strong teams. We look forward to working with Lone Star to enhance our scale, create opportunities for our associates, and continue to drive growth and innovation within the durable plastics, food, and recycling end markets."

Ryan joined Batesville Casket in 1989 and became CEO of Hillenbrand in 2022, overseeing divestiture of the casket company several months later, and another massive sell-off of Milacron in 2024. Prior to becoming CEO, she held various positions with the company, including president of Batesville Casket and Coperion, Hillenbrand's largest business.

The deal is slated to close in the first quarter of 2026.