Modine Manufacturing Company announced on May 30, 2025, a definitive agreement to acquire L.B. White, a global provider of specialty heating solutions for the agriculture, construction, and special event industries. The transaction is expected to close on May 31, 2025, subject to customary closing conditions.
L.B. White, headquartered in Onalaska, Wisconsin, expects to report revenue of $73.5 million for its fiscal year ending May 31, 2025. The total consideration for the acquisition is based on an enterprise value of approximately $112 million.
This acquisition is expected to be immediately accretive to earnings before synergies and will be integrated into Modine's HVAC Technologies product group within the Climate Solutions segment. It expands Modine's portfolio with market-leading positions in swine and poultry agriculture heating and portable heating solutions, aligning with Modine's strategy to diversify and grow in adjacent markets.
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