BATESVILLE, Ind. – A private investment firm will buy an Indiana business that’s been making caskets in Indiana since the 19th century.

Founded in 1884, Batesville (commonly referred to as the Batesville Casket Company), produces caskets, urns and other funeral-related items. Hillenbrand, the company’s previous owner, is selling off the Batesville business unit in a $761.5 million deal that’s set to close in the first quarter of 2023, subject to regulatory approval and other closing conditions.

LongRange Capital will acquire the company.

“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.”

Hillenbrand announced plans in July to explore “strategic alternatives” for the longtime Indiana business and determined it was in the “best interests of Hillenbrand and its shareholders” to divest it.

“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 CEO of Hillenbrand. “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.”

“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.”

The business was founded in 1884 as “Batesville Coffin Company.” It changed its name to “Batesville Casket Company” in 1906 after it was purchased by John A. Hillenbrand. The business is an industry leader in providing burial and cremation products, keepsakes and business and technology solutions to serve families and funeral professionals.