Modine Corporation Acquires L.B. White – $73.5M TTM Revenue

By Tamara Parker • Friday, May 30 10:17 • Permanent Link

Modine Corporation has announced its acquisition of L.B. White, a leading manufacturer and marketer of propane, natural gas, and kerosene heaters for agricultural, construction, tent, and greenhouse environments. The unaudited results for the trailing twelve-month period as of May 31st, 2025, reveal that L.B. White achieved a TTM revenue of $73.5 million.

L.B. White, established in 1947, is headquartered in Onalaska, WI, and has 190 employees. The company boasts premium brand recognition, long-standing customer relationships, and a large installed base, delivering stable and highly profitable earnings. L.B. White holds market-leading positions in agriculture and portable climate solutions.

The company's sales by end market indicate that 30% of its revenue comes from the aftermarket, 26% from portables, 23% from poultry, 16% from swine, and 5% from other segments.

L.B. White's facilities include a 130,000 sq. ft. headquarters in Onalaska, WI, a 40,000 sq. ft. supply facility in Franklin, GA, and a focus on attractive markets with strong growth opportunities such as portables, poultry, swine, construction, and temporary structures.

In terms of market opportunities, the North American market size for agriculture portables is valued at approximately $200 million and is forecasted to grow mid-to-high single digits. The market size for poultry and swine, valued at around $600 million, is also expected to grow mid-to-high single digits.

The transaction highlights include a purchase price of approximately $112 million, which is expected to be accretive to earnings per share before synergies. The estimated pro forma net leverage is around 0.8x, and the transaction multiple (EV/TTM EBITDA) is below 10x. The expected closing date for the acquisition is May 31, 2025, and it will be a cash deal, maintaining a strong balance sheet and liquidity position for Modine Corporation. The market has reacted to these announcements by moving the company's shares 0.75% to a price of $91.49. For more information, read the company's full 8-K submission here.

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