Modine Manufacturing (MOD) to Acquire L.B. White

Modine (NYSE: MOD), a diversified global leader in thermal management technology and solutions, announced that it had entered into a definitive agreement to acquire L.B. White, a leading global provider of specialty heating solutions for the agriculture, construction and special event industries. Modine expects the transaction to close May 31, 2025, subject to customary closing conditions.

"Acquiring L.B. White is another example of executing on our strategy to expand and further diversify our portfolio with complementary technology that will enable us to achieve our long-term growth objectives," said Neil D. Brinker, Modine President and CEO. "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."

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.

"Modine has been a pioneer in providing trusted heating solutions for more than 100 years and L.B. White's product lines align well with our technology expertise," said Eric McGinnis, President, Climate Solutions at Modine. "The complementary product technologies, additional sales channels and cross-selling opportunities position Modine to meet the evolving needs of our customers with the right product at the right time."

L.B. White expects to report revenue of $73.5 million for their fiscal 2025 year ending May 31. Total consideration for the transaction is based on an enterprise value of approximately $112 million. Management expects this acquisition to be immediately accretive to earnings and anticipates generating incremental growth and future cost savings through capturing synergies and deploying Modine's 80/20 operating model. Upon close, L.B. White will be integrated into Modine's HVAC Technologies product group and the current leadership team will remain in place.

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