Racine-based
Modine, a manufacturer of thermal management and ventilation solutions, has entered into a definitive agreement to acquire Onalaska, Wisconsin-based
L.B. White.
Terms of the transaction, which is expected to close on May 31, were not disclosed.
L.B. White is a manufacturer of specialized heating technology. The company makes direct-fired forced air, radiant, indirect-fired and electric heating solutions.
L.B. White sells its products to customers in the swine and poultry agriculture industry in North America.
In addition to its Wisconsin headquarters, the company has manufacturing and distribution operations in Franklin, 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. Upon close, L.B. White will be integrated into Modine's HVAC Technologies product group and the current leadership team will remain in place.
This is the fourth acquisition made by Modine within the last year and a half.
In
January 2024, Modine acquired Plano, Texas-based
TMG Core, a manufacturer specializing in liquid immersion cooling technology for data centers.
Then, in
February 2024, Modine acquired the Calgary, Canada-based
Scott Springfield Manufacturing. The company makes air handling units.
In
March 2025, Modine announced its acquisition of Kalamazoo, Michigan-based
AbsolutAire. The company produces direct-fired heating, ventilation and make-up air systems.
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