Batesville, IN-based industrial equipment manufacturer Hillenbrand has agreed to be acquired by an affiliate of private equity firm Lone Star Funds in an all-cash transaction valued at $32.00 per share, equating to an enterprise value of approximately $3.8 billion.

The purchase price represents a premium of approximately 37% over Hillenbrand’s unaffected closing share price on Aug. 12 and a premium of 53% over the volume-weighted average price of Hillenbrand common stock for the 90 days ending Aug 12.

Hillenbrand provides highly-engineered processing equipment and solutions to a global customer base through its Advanced Process Solutions and Molding Technology Solutions segments.

“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,” Hillenbrand President and CEO Kim Ryan said in an Oct. 15 news 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.”

The Hillenbrand Board of Directors unanimously approved the transaction.

“We are excited to partner with Hillenbrand, a high-quality operator in the industrial equipment sector,” added Donald Quintin, CEO of Lone Star. “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. We are honored to be the partners to take the Hillenbrand name and dedicated team into the next chapter of success.”