Lone Star Funds Acquires Hillenbrand, Inc.

Astec Industries Acquires Minority Stake in TerraSource Holdings from Hillenbrand

July 1, 2025

Manufacturing

Astec Industries has acquired Hillenbrand’s minority stake in TerraSource Holdings in a transaction valued at approximately $245 million. Hillenbrand received about $115 million from the sale, which it will use to pay down debt; the divestiture was completed July 1, 2025.

Lone Star Funds Affiliate Acquires SPX FLOW, Inc.

April 5, 2022

Manufacturing

An affiliate of Lone Star Funds completed the acquisition of SPX FLOW, Inc., taking the company private and ending its NYSE trading. Lone Star said it will work with SPX FLOW management to accelerate strategic plans and drive profitable growth for the process-equipment manufacturer, which reported roughly $1.5 billion in 2021 revenue.

Hillenbrand Acquires LINXIS Group

October 6, 2022

Manufacturing

Hillenbrand, Inc. completed the acquisition of LINXIS Group from IBERIS INTERNATIONAL S.À R.L. (an affiliate of IK Partners) and other sellers for aggregate consideration of €596.2 million. LINXIS — a global designer and manufacturer of dosing, mixing, drying and coating equipment with six market-leading brands — will join Hillenbrand’s Advanced Process Solutions segment to expand its food‑processing capabilities and aftermarket services.

Lone Star Affiliate Acquires Titan Acquisition Holdings from Carlyle and Stellex

June 29, 2023

Industrial Services

An affiliate of Lone Star Funds has completed the acquisition of Titan Acquisition Holdings — the parent of Vigor Industrial LLC, MHI Holdings LLC and Continental Maritime of San Diego — from funds managed by The Carlyle Group and Stellex Capital Management. The transaction, first announced in February 2023, closed in mid-June 2023; financial terms were not disclosed. Titan is a bi-coastal leader in ship repair, marine and heavy fabrication serving U.S. government and commercial maritime customers.

LongRange Capital Acquires Batesville from Hillenbrand

February 1, 2023

Healthcare Services

LongRange Capital, a private investment firm, has completed the acquisition of Batesville (Batesville Services / Batesville Casket Company) from Hillenbrand, Inc. Batesville, headquartered in Batesville, Indiana, is a leading provider of burial and cremation products, memorialization options and technology solutions; LongRange plans to support the company as a standalone business and pursue growth and capability expansion.

Right Lane Industries Acquires Majority Stake in TerraSource Global from Hillenbrand

October 25, 2021

Manufacturing

Hillenbrand completed the divestiture of its TerraSource Global business, contributing the business to newly formed TerraSource Holdings, LLC. Affiliated companies of Right Lane Industries (RLI) obtained majority ownership and operational control while Hillenbrand received a five‑year note with initial principal of $25.6 million and retained an indirect 49% ownership interest in the new Holdings entity.