Modine to acquire L.B. White for enterprise value of $112M

Modine (MOD) announced that it had entered into a definitive agreement to acquire L.B. White, a 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. L.B. White expects to report revenue of $73.5M for their fiscal 2025 year ending May 31. Total consideration for the transaction is based on an enterprise value of approximately $112M. 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.