Batesville Casket Co. acquisition complete
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Connecticut-based LongRange Capital on Wednesday completed its $761 million acquisition of the former Batesville Casket Co. from Batesville-based Hillenbrand Inc. (NYSE: HI). The acquired company, now known as Batesville Services LLC, will operate as an independent company led by CEO Chris Trainor, who had served as president since 2015.
Batesville Services, which was founded in 1884 as the Batesville Coffin Co., manufactures burial and cremation products, and also provides technology services for funeral professionals.
Hillenbrand announced the sale to LongRange Capital in December, about five months after saying it was exploring “strategic alternatives” for the subsidiary.
“Batesville has built and delivered high quality products to licensed funeral directors for more than a century and I am honored to continue leading the company through this next chapter of growth,” Trainor said in a news release. “LongRange has significant expertise in using data, analytics and technology to improve operations, and ultimately, to deliver better service to customers, which will be extremely valuable as we identify and invest in new opportunities for sustainable growth.”
A spokesperson for Batesville tells Inside INdiana Business the company is focused on growing the business and “there are no plans to reduce jobs or make major changes to the organization.”
Batesville employs approximately 3,000 people, about 600 of whom work in Indiana.
LongRange Managing Partner Bob Berlin called Batesville an established leader with a great reputation.
“We look forward to partnering with Chris and supporting him and the rest of the Batesville team in taking the business to a new level by investing in people, products, facilities, capabilities, and services to support and grow the business for the next generation of funeral professionals and consumers,” Berlin said.
Batesville said it will maintain its headquarters, manufacturing plants, distribution networks and field operations as they are.