Modine is set to acquire L.B. White, a leading global provider of specialty heating solutions for the agriculture, construction and special event industries.
Modine president & CEO, Neil D. Brinker, said acquiring L.B. White is another example of executing on the company’s strategy to expand and further diversify its portfolio with complementary technology to achieve their long-term growth objectives.
“The L.B. White team brings highly engineered solutions and expertise for end markets that have unique climate requirements. Both L.B. White and our recent acquisition of AbsolutAire align with our vision to solve mission-critical thermal management challenges for our customers and will help us expand into adjacent markets with strong, long-term growth profiles,” he said.
L.B. White is a leader in specialized heating technology, manufacturing direct-fired forced air, radiant, indirect-fired and electric heating solutions.
The company holds a market-leading position in swine and poultry agriculture heating in North America and is one of the top market leaders in portables heating. They are headquartered in Onalaska, Wisconsin, with additional manufacturing and distribution operations in Georgia.
L.B. White expects to report revenue of $US73.5 million for their fiscal 2025 year ending May 31. Total consideration for the transaction is based on an enterprise value of approximately $112 million.
Upon close, L.B. White will be integrated into Modine's HVAC Technologies product group and the current leadership team will remain in place.