Davies and Kirkland advising Lone Star; Skadden representing Hillenbrand
Hillenbrand, Inc. has reached a definitive agreement to be acquired by an affiliate of Lone Star Funds, in a deal that values the company at approximately US$3.8 billion. The all-cash transaction will see Hillenbrand shareholders receive US$32.00 per share – a price that represents a 37 percent premium over the company’s closing share price on August 12, 2025, and a 53 percent premium over the 90-day volume weighted average price leading up to that date.
Hillenbrand, a global supplier of highly engineered processing equipment, operates through its Advanced Process Solutions and Molding Technology Solutions segments. In the past three years, the company has focused on repositioning its business, making strategic acquisitions and divestitures, and expanding its industrial food equipment portfolio.
Once the transaction closes, Hillenbrand will become a privately held company and its shares will be delisted from the New York Stock Exchange.
“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,” said Hillenbrand CEO and president Kim Ryan in a press 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.”
“We are excited to partner with Hillenbrand, a high-quality operator in the industrial equipment sector,” said Lone Star CEO Donald Quintin. “Lone Star is fortunate to have a long track record in related industrial manufacturing, and our expertise will be brought to bear in partnering with Hillenbrand’s management team to invest in the business and help foster continued growth and innovation at the company.”
Davies Ward Phillips & Vineberg LLP and Kirkland & Ellis LLP are serving as Canadian and US legal counsel, respectively, to Lone Star, with Jefferies LLC and UBS Investment Bank as financial advisors. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Hillebrand, with Evercore as the financial advisor.
The deal is expected to close by the end of the first quarter of 2026, subject to customary closing conditions.
