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Acquisition Advisory / Diversified Industrials

Hillenbrand Acquires K-Tron International

January 8, 2010

P&M Corporate Finance, LLC Advises Hillenbrand on $435M Transaction; Firm’s Largest to Date

P&M Corporate Finance, LLC (PMCF) is pleased to announce that it served as the exclusive financial advisor to Hillenbrand, Inc. (NYSE: HI) in its acquisition of K-Tron International, Inc. (NASDAQ-GS: KTII) for $150 per share or approximately $435 million.

In the largest deal in the firm’s 15-year history, PMCF played a key role in identifying and contacting K-Tron and in advising the management and board of Hillenbrand regarding the negotiations and other terms of the acquisition. Hillenbrand and PMCF conducted a comprehensive search that involved a review of more than 4,000 companies nationwide; PMCF profiled over 275 companies and contacted more than 75 of those targets before Hillenbrand narrowed the search to K-Tron.

“We are very pleased to have successfully completed this transaction, which will help us realize our goal of building a strong, diversified enterprise with multiple business platforms,” said Kenneth A. Camp, president and chief executive officer of Hillenbrand. “Bringing K-Tron into the Hillenbrand family of companies would have been significantly more difficult without the attention, expertise and guidance of our financial advisor, P&M Corporate Finance, who played an integral role in spearheading this deal for us. We carefully reviewed the credentials of more than a dozen large and middle market investment banking advisors and are pleased that we decided on using P&M Corporate Finance for this critical project,” said Camp.

The Hillenbrand transaction resulted in a number of notable achievements for PMCF including closing the largest deal in its history and serving, for the first time, as exclusive financial advisor in a transaction involving two publicly traded companies. PMCF also issued a fairness opinion to Hillenbrand and provided guidance relating to deal positioning with institutional investors.

“P&M Corporate Finance was thrilled to advise Hillenbrand in this milestone combination of two world class manufacturing companies,” said Scott George, managing director of P&M Corporate Finance. “Our unique buyside advisory experience and primary focus on serving middle market companies enabled us to understand Hillenbrand’s needs and help them to develop and execute a strategy to identify a new platform to diversify and grow their business.” Chip Mulaney, partner at Skadden, Arps, Slate, Meagher & Flom LLP, who served as legal advisor to Hillenbrand on the deal, said “I was quite impressed by the level of deal sophistication, client service and attention provided to this transaction by P&M Corporate Finance. It was very clear to all involved that the contribution they made to the success of this deal was very significant.”

About P&M Corporate Finance

P&M Corporate Finance, LLC is a middle market investment bank providing merger & acquisition advisory services to companies in North America and Europe. PMCF provides public and privately-owned companies and private equity firms with a broad range of services including sale and acquisition advisory, capital raising, fairness opinions and strategic advisory. Through its offices in Chicago and Detroit, the firm has dedicated industry teams providing services to the business services, medical technology, diversified industrial and plastics & packaging industries.

About Hillenbrand, Inc.

Hillenbrand, Inc. is the holding company for Batesville Casket Company, a leader in the North American death care industry through the sale of funeral services products, including burial caskets, cremation caskets, containers and urns, selection room display fixturing, and other personalization and memorialization products.


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