Total Insider Purchases and Sales Reported to the SEC. BATESVILLE, Ind. For more than a century, Batesville has supported licensed funeral professionals in helping families honor the lives of those they love. A history of manufacturing excellence, product innovation, superior customer service and reliable delivery helped Batesville become and remain an industry leader. Our one-year Base case target price is $67.36 for HI, implying a potential upside of +45% from the current share price of $46.57. Hillenbrands move would result in it selling off the casket-making business and brand that served as the roots for the larger Hillenbrand company in Batesville starting in 1884. 2022-23 Looking for Talent? We will remain focused on serving our customers and look forward to working with LongRange Capital as our partner, and with Hillenbrand to ensure a smooth transition for our associates, Chris Trainor, president of Batesville Casket said in a written statement. Since then, more than 14.5 million trees have been planted under this program. All quotes are in local exchange time. Were being punished after I remarried. It is a broker that is regulated by the Securities and Exchange Commission. Opens in a new window. Do Not Sell or Share My Personal Information. 18 Gauge Metal; 20 Gauge Metal; Oversized Caskets; Stainless Steel Caskets; Full Couch Caskets; Showing 80 of 115 products. We tend to put it out of our minds, but as with taxes, death is an absolute certainty, as Mr. Benjamin Franklin so succinctly put it. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, No Major Offer Expected on Childcare in UK Budget, Biden Gives Medal of Honor to Trailblazing Special Forces Member, Oils $128 Billion Handout as Doubts Grow About Fossil Fuels, Climate Change Is Launching a MutantSeed Space Race, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? Its a broker that sells shares of stock on a stock exchange. Employees: 177, union Total Square Footage: 197,816 Primary Product/Market: wood component parts for caskets Start-Up Date: 1975 Achievements: 55% reduction in cost of quality since 2006; 76% reduction in OSHA-recordable injury and illness cases in past three years; 2007 IndustryWeek Best Plants winner. Revenue Break-Up: Last Fiscal Year End & 9MFY22. Antique Blue . Joe A. Raver retired at the end of 2021. Intraday data delayed at least 15 minutes or per exchange requirements. LongRange Capital was founded in 2019 by Bob Berlin and invests in a range of consumer, industrial and information and technology companies. We believe a separation into an independent company will allow BATES to leverage on its operational performance and potentially venture into the higher margin Funeral business and Services as well as the cremation space, thereby improving its operating margins and increasing investor wealth. Stamford, Connecticut-based LongRange Capital was founded in 2019 by Bob Berlin and invests in a range of consumer, industrial, and information and technology companies. Please enable JavaScript to view this content. Sapphire (021) - $5,025.00. BRONZE Facebook Twitter A distinction is often made between coffin and casket: the latter is generally understood to denote a four-sided (almost always rectangular) funerary box, while a coffin is usually six-sided. In Stock. In 2019, Hillenbrand officials told IBJ that Batesville Casket accounted for about one-quarter of the corporations sales and 40% of its cash flow. Batesville ( www.Batesville.com ), a wholly owned subsidiary of Hillenbrand, Inc. (NYSE: HI), is a recognized leader in the death care industry in North America, offering a comprehensive portfolio of burial and cremation products, memorialization options and innovative technology solutions. Hillenbrand Inc. has reached an agreement to sell its Batesville Casket Co. subsidiary to an affiliate of a Connecticut-based private equity firm for $761.5 million. Log in to see them here or sign up to get started. These factors include, but are not limited to: global market and economic conditions, including those related to the financial markets; the impact of contagious diseases such as the COVID-19 pandemic and the escalation thereof due to variant strains of the virus and the societal, governmental, and individual responses thereto, including supply chain disruption, loss of contracts and/or customers, erosion of some customers' credit quality, downgrades of the Company's credit quality, closure or temporary interruption of the Company's or its suppliers' manufacturing facilities, travel, shipping and logistical disruptions, domestic and international general economic conditions, such as inflation, exchange rates and interest rates, loss of human capital or personnel, and general economic calamities; risks related to the Russian Federation's invasion of Ukraine (referred to herein as the "Ukraine War") and resulting geopolitical instability and uncertainty, which could have a negative impact on our ability to sell to, ship products to, collect payments from, and support customers in certain regions, in addition to the potential effect of supply chain disruptions that could adversely affect profitability; the risk of business disruptions associated with information technology, cyber-attacks, or catastrophic losses affecting infrastructure; negative effects of the Linxis Group SAS ("Linxis") acquisition or other acquisitions on the Company's business, financial condition, results of operations and financial performance (including the ability of the Company to maintain relationships with its customers, suppliers and others with whom it does business); the possibility that the anticipated benefits from the Linxis acquisition and other acquisitions cannot be realized by the Company in full or at all or may take longer to realize than expected; risks that the integrations of Linxis or other acquired businesses disrupt current operations or pose potential difficulties in employee retention or otherwise affects financial or operating results; any failure to obtain, or delays in obtaining, required regulatory approvals or clearances for the Proposed Transaction; any failure by the parties to satisfy any of the other conditions to the Proposed Transaction; the possibility that the Proposed Transaction is ultimately not consummated; potential adverse effects of the announcement or results of the Proposed Transaction on the market price of the Company's common stock or on the ability of the Company to develop and maintain relationships with its personnel and customers, suppliers and others with whom it does business or otherwise on the Company's business, financial condition, results of operations and financial performance; risks related to diversion of management's attention from our ongoing business operations due to the Proposed Transaction; the impact of the Proposed Transaction on the ability of the Company to retain and hire key personnel; increasing competition for highly skilled and talented workers as well as labor shortages; our level of international sales and operations; the impact of incurring significant amounts of indebtedness and any inability of the Company to respond to changes in its business or make future desirable acquisitions; the ability of the Company to comply with financial or other covenants in debt agreements; cyclical demand for industrial capital goods; the ability to recognize the benefits of any acquisition or disposition, including potential synergies and cost savings or the failure of the Company or any acquired company to achieve its plans and objectives generally; impairment charges to goodwill and other identifiable intangible assets; competition in the industries in which we operate, including on price; impacts of decreases in demand or changes in technological advances, laws, or regulation on the revenues that we derive from the plastics industry; our reliance upon employees, agents, and business partners to comply with laws in many countries and jurisdictions; increased costs, poor quality, or unavailability of raw materials or certain outsourced services and supply chain disruptions; continued fluctuations in mortality rates and increased cremations; the dependence of our business units on relationships with several large customers and providers; competition faced by our Batesville business from non-traditional sources; the impact to the Company's effective tax rate of changes in the mix of earnings or tax laws and certain other tax-related matters; exposure to tax uncertainties and audits; involvement in claims, lawsuits and governmental proceedings related to operations; uncertainty in the United States political and regulatory environment or global trade policy; adverse foreign currency fluctuations; labor disruptions; and the effect of certain provisions of the Company's governing documents and Indiana law that could decrease the trading price of the Company's common stock. It operates through the following segments: Advanced Process Solutions, Molding Technology Solutions and Batesville. The company was founded on November 1, 2007 and is headquartered in Batesville, IN. Caskets are delivered to more than 16,000 funeral homes daily using Batesville's own fleet of trucks. Copyright 2023 MarketWatch, Inc. All rights reserved. Batesville begins manufacturing metal caskets. BATESVILLE, Ind. Furthermore, the management has proudly highlighted they have been able to achieve a 100% FCF conversion rate over the past decade, which shows both BATES and the remaining HI business (Advance Process & Molding Technology Solutions) are high free cash flow generating divisions. Hillenbrand said it agreed to sell Batesville Casket to a LongRange Capital affiliate so it can focus on its strategic move toward long-term growth in attractive markets such as plastics, food and recycling. Historical and current end-of-day data provided by FACTSET. and KeyBanc Capital Markets. Credit Suisse served as lead financial advisor to LongRange Capital and TD Securities also served as financial advisor. Furthermore, the split would have led to Batesville leaving the S&P SmallCap 600 in March 2020 as the criteria for inclusion required a minimum market cap of $600 million to remain in the SmallCap Index. Hillenbrand is the 18th largest public company in Indiana based on its 2021 revenue of $2.9 billion, according to IBJ research. As the words imply, these are statements about future events, results of operations, uses of cash, financings, ability to meet deleveraging goals, and other measures of financial performance or potential future plans or events, strategies, objectives, beliefs, prospects, assumptions, expectations, projected costs or savings or transactions of Hillenbrand (the "Company") that might or might not happen in the future, the anticipated costs and benefits of the Proposed Transaction, and the expected timing of completion of the Proposed Transaction, as contrasted with historical information. Subscriber Agreement & Terms of Use | Furthermore, when we find them, we also need to explain exactly how that can be achieved. If the management wanted to shift debt in such a proportion to allow Batesville to remain a part of the SmallCap Index, it would have required a 42% distribution of debt, which would have led to a higher leverage of 6.2x for Batesville, making it even less appealing for investors as a standalone company, Market Cap Scenario of Split Based on February 2022 Estimated Revenue Contribution. The author owns shares of Hillenbrand Inc. Job specializations: Law/Legal. View Products For Families Find grief support and guidance on planning a funeral. "We look forward to building upon our track record of performance, enabled by consistent deployment of the Hillenbrand Operating Model to drive profitable growth and deliver long-term value to our shareholders. 26" interior width. There are currently no items in this Watchlist. All quotes are in local exchange time. Nominate a company for IBJs exclusive ranking of fastest-growing privately held companies by March 1st. Baxter bought Hill-Rom in 2021. Hillenbrand agrees to sell storied Batesville Casket Co. for $761M, Commercial Real Estate & Construction Power Breakfast, Engage Greater Lafayette West Lafayette, Engage West Central Indiana Terre Haute, The stars are aligning in climate-change fight, Tech success requires playing offense and defense, Real estate, construction industries adapt to market challenges, Flight challenges are far from insurmountable, Todays solutions combine automation, talent, DEI progress is good for the entire community, Diversity efforts require sincerity, patience, Innovation isnt a luxury, its essential, Advice from entrepreneurs whove been there, Office sector reinventing itself; multifamily and industrial sectors thrive, Fixing leaks in our talent and information pipelines, Organizations take a hard look at hiring practices, Educators still too focused on traditional paths, Employers, educators working together can improve outcomes and economy, Ending food insecurity takes scale, creativity, Technological advancements heighten cybersecurity challenges, Better design, sound fundamentals contribute to upbeat forecast, Technology applications at Trine only limited by students imagination, Why public relations is essential in times of uncertainty, Advanced Accelerator Applications bets on Indianapolis and the future of radiopharmaceuticals, RJE has two reasons to celebrate: 32 years serving the Indianapolis community, and a new partnership focused on the future of the workplace, Delta Dental teams up with VSP Vision Care, So You Want to Start and Sell a Business, Why Your Next Great Hire May Never Walk Through Your Door, Delta Dental offers enhanced benefits for patients with special needs, Data Integrity, Breaches, and Consumer Trust, Verizons 5G network is advancing Indys tech economy, The Culture Queen on what it takes to be an entrepreneur, Business Cares: Corporate Social Responsibility, Business Cares Diversity, Equity & Inclusion. . Batesville is a great company with some amazing people however management turns the blind eye. Changebridge Capital Sustainable Equity ETF, Changebridge Capital Long/Short Equity ETF, O'Shares FTSE Russell Small Cap Quality Dividend ETF, Service Corporation: Still Attractive Despite A Return To Normalcy, Nasdaq, S&P and Russell 2000 all shape 'bull' flags, Only trade when you can express your edge. This Indiana based company is listed on the NYSE and has a market capitalization of just over $3 billion. HI Total Shareholder Return (TSR) Vs. Peers & Index. Batesville Casket Company website. 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. Please note our updated comment policy that will govern how comments are moderated. In this episode, we hear how she became a sponge for product design, figured out how to make accessible yet high-end jewelry, and how she even relocated to China for the better part of a year to personally see to her brand's manufacturing. Hillenbrand (NYSE: HI) is a global industrial company operating in over 40 countries with over 10,000 associates serving a wide variety of industries around the world. Hillenbrand sells casket business Batesville to LongRange Capital Dec. 15, 2022 at 7:44 a.m. 1940 The Memorial Record system allows caskets to be sensitively identified after disaster. Cremation, meanwhile, has been eating into casket sales. Therefore, the SpinCo (suggested ticker BATES) is in a much better state to be listed today, creating a pure-play, high free cashflow generating business. Increase in cremation is killing the casket business. It is a broker that is regulated by the Securities and Exchange Commission.batesville is a stock broker that sells shares of stock on a stock exchange. LongRange's acquisition of Batesville, from Hillenbrand, Inc. , a global industrial company, is expected to close in the first quarter of 2023, subject to regulatory approval and other customary . Whether youre a broker, developer, or serve the real estate industry, youre invited to a night of mixing + mingling. In . The real question is whether BATES becomes an independently listed company and uses this predictable cash to expand and improve their FY22E margins (20% compared to over 30% like its peers SCI and CSV), especially to pivot from the relatively high mortality rate seen in 2020 and 2021. 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. "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.". One of the things wed like to do is to talk to some of the people whove been through that city, and find out what they think, what theyre up against, what they think of Batesville. We create opportunities to help families understand the value of meaningful funerals and honoring their loved ones with a personalized tribute. Lowest price guaranteed. The ladies in the front office are very helpful. John A. Hillenbrand and associates pose at the Batesville facility (via Batesville) Starting in the 1860s, a German immigrant began quietly acquiring these small casket brands in a bid to consolidate the market. Batesville ( www.Batesville.com ), a wholly owned subsidiary of Hillenbrand, Inc. (NYSE: HI ), is a recognized leader in the death care industry in North America, offering a comprehensive. However, one of the reasons I love Batesville is because it has a very good economy. The Memorial Record system allows caskets to be sensitively identified after disaster. . Hillenbrand is a company listed under the stock ticker HI (US). In Stock. "Completing our transformation into a pure-play industrial company allows Hillenbrand to concentrate our investments into our APS and MTS segments, where we see strong growth potential," said Kim Ryan, President and Chief Executive Officer of Hillenbrand. Likewise, HIs debt at the time was around 4x and would have presented a challenging split. Net proceeds from the sale are expected to be used for debt reduction, Hillenbrand said in a news release. Visit a quote page and your recently viewed tickers will be displayed here. Hand rubbed, high gloss finish. First nationwide distribution system, allowing the fast, reliable delivery across the country. Credit Suisse served as lead financial advisor to LongRange and TD Securities also served as financial advisor on the transaction. A coffin is a funerary box used for viewing or keeping a corpse, either for burial or cremation. From 2020 to 2021, HIs stock price went from as low as $14.29 (March 18, 2020) to over $45 by the end of February 2021. They pivoted back in like 2008 if you buy an Urn in Indiana it is likely from them as well, Do they still have medical division, they use to have 70% of the hospital bed market. Add To Cart. Completing our transformation into a pure-play industrial company allows Hillenbrand to concentrate our investments into our APS and MTS segments, where we see strong growth potential, Hillenbrand CEO Kim Ryan said in written remarks.We look forward to building upon our track record of performance, enabled by consistent deployment of the Hillenbrand Operating Model to drive profitable growth and deliver long-term value to our shareholders.. Something went wrong while loading Watchlist. Batesville Casket was the only company Hillenbrand owns in Indiana and represented about 25% of their total revenue. The company purchased American Tourister, In c., of Warren, Rhode Island, in 1978. . Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Warehouse Associate- (full-time) Columbus, Ohio, USA. The word took two different paths, cofin in Old French originally meaning basket, became coffin in English and became couffin in modern French which nowadays means a cradle. Joining Batesville means becoming part of a tight-knit family that thrives on teamwork, community, and making a difference in peoples' lives. The business it has that sticks out like a sore thumb and that doesn't fit with the rest of the company is its Batesville business, which is involved in the manufacturing and sale of funeral service products, including burial and cremation caskets, cremation containers and urns, other personalization and memorialization products and technology applications for funeral homes. A separation in March 2020, based on the revenue distribution, would have resulted in a higher leverage for Batesville (BATES) on a standalone basis (4.3x). Hillenbrand said in a press release Thursday that the sale of the casket company coupled with its acquisitions of LINXIS Group, Herbold Meckesheim, Peerless Food Equipment, and Gabler Engineering will mark a significant milestone in the companys transformation, establishing Hillenbrand as a global industrial leader in highly engineered processing solutions and plastics molding. 2 Stocks to Buy in the New Year and 1 to Avoid, 2 Industrial Stocks That Need to Be on Your Radar in 2023, Zacks Industry Outlook Highlights Ashtead, Hillenbrand, Siemens AG and Andritz, 4 Industrial Services Stocks to Bet On From the Prospering Industry, Zacks.com featured highlights Hillenbrand, Sociedad Quimica Y Minera, Reinsurance Group of America and Modine Manufacturing, Value Investing is the Key Now: 4 High Earnings Yield Picks, 2 Industrial Stocks to Check out Before 2022 Ends, 5 Stocks to Pop Surprise Returns From Secret Santa, Best Momentum Stocks to Buy for December 20th, Hillenbrand Divests Batesville Casket Business For ~$761M, Hillenbrand's Ex-Dividend Date Is Thursday, Here's What You Need To Know, 3 Stocks That Are Screaming Buys for 2023.