HI - Hillenbrand to acquire LINXIS Group for Euro572M; to explore strategic alternatives for Batesville Business

Hillenbrand ( NYSE: HI ) has signed a binding offer to acquire LINXIS Group from IBERIS INTERNATIONAL S.À R.L, an affiliate of IK Partners, and additional sellers for an enterprise value of approximately €572M.

LINXIS Group has six market-leading brands – Bakon, Diosna, Shaffer, Shick Esteve, Unifiller, and VMI – that serve customers in over 100 countries. With a global footprint and headquarters in Nantes, France, LINXIS Group specializes in the design, manufacturing, and service of dosing, kneading, mixing, granulating, drying and coating technologies.

LINXIS Group expects calendar year 2022 revenue of approximately €300M with mid-teen EBITDA margins.

The acquisition is expected to be accretive to adjusted EPS within the first full year.

"LINXIS Group will continue to build upon our profitable growth strategy by further strengthening and accelerating our position in the attractive food end market and enhancing the technical capabilities of our products and service offerings," said Kim Ryan, President and CEO of Hillenbrand. "By leveraging the combined capabilities of our Coperion brand and the LINXIS Group brands, we will be able to offer more comprehensive processing solutions, creating significant value for our customers. Through cross-selling opportunities in key geographies, the deployment of the Hillenbrand Operating Model, and utilization of our scalable foundation, we expect this acquisition to deliver compelling long-term shareholder value."

The company expects to fund this acquisition from committed debt, cash on hand, and cash available under its revolving credit facility.

In a separate release, the company announced that it's board of directors has initiated a process to explore strategic alternatives for its Batesville business.

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