Modine Manufacturing : Acquisition of L.B. White
MOD
Published on 05/30/2025 at 09:11
Modine Confidential - Please do not copy or distribute
May 30, 2025
L.B. White is one of the world's leading manufacturers and
Sales by End Market (1)
Poultry
marketers of propane, natural gas and kerosene heaters for agricultural, construction, tent and greenhouse environments
Over 75 years of leadership in heating design and
manufacturing expertise
TTM Revenue of $73.5M(1)
Portables 26%
Modine Confidential - Please do not copy or distribute
Aftermarket 30%
23%
Swine 16%
Other 5%
Founded in 1947, with 190 employees and headquartered in
Onalaska, WI
With premium brand recognition, long-standing customer relationships, and a large installed base, L.B. White delivers stable, highly-profitable earnings with immediate access to market leading positions in agriculture and portable climate solutions
For the trailing twelve-month period as of May 31st, 2025, unaudited results
Facilities
Headquarters 130,000 sq. ft. Onalaska, WI
R Supply Facility 40,000 sq. ft. Franklin, GA
Proven history in agricultural climate solutions with rapidly growing presence in portables
End Markets Served
Poultry
Agriculture
Greenhouse
Swine
Construction
Portables
Temporary Structures
Products
Comprehensive suite of radiant/direct-fired heaters and cooling solutions for all climate needs
Make-up air units and direct, indirect, and electric heaters for wide-range of heat requirements
Description
Massive install base across Poultry, Swine, and Greenhouse end markets which require heating and cooling solutions served through dealer/distributor network
Movable heating and cooling solutions that manage climate in various temporary applications served through national rental accounts and regional reps
$2
Segment Dynamics
(revenue in $mm)
$27
$20
Swine Poultry
$18
$29
Equipment Aftermarket
$19
Equipment Aftermarket
Market Opportunity
North America market size is valued at ~$200M and is forecasted to grow mid-to-high single digits driven by increased investment in aging infrastructure and environmental risk mitigation
North America market size is valued at ~$600M and is forecasted to grow mid-to-high single digits driven by trends in reshoring and domestic infrastructure investment
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Source: Investor Group Services
~$112mm
purchase price
Accretive
to earnings per share (before synergies)
~0.8x(1)
estimated pro forma net leverage
Below 10x
transaction multiple (EV/TTM EBITDA)
May 31, 2025
expected closing date
Cash Deal
maintaining a strong balance sheet and liquidity position
Modine Confidential - Please do not copy or distribute
Based on Modine's balance sheet as of March 31, 2025. and L.B. White's EBITDA for the trailing twelve-month period as of May 31st, 2025.
Disclaimer
Modine Manufacturing Company published this content on May 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 30, 2025 at 13:07 UTC.