Mason Wells has acquired L.B. White Company in partnership with the company’s current management team and other co-investors.
L.B. White is a manufacturer of direct- and indirect-fired forced-air heaters, convection heaters and radiant heaters in a variety of heat outputs and ignition types. The company’s products are used in swine, poultry, and construction applications. Swine and poultry growers use L.B. White’s products to maintain required temperature and ventilation rates to support animal health at various ages, weights and densities.
L.B. White was founded in 1952 by Lyall White. The company was purchased by Rick Diermeier, Jeff Diermeier and Kevin Gagermeier in 2010. Rick Diermeier and Jeff Diermeier sold their ownership interests in the company to Mason Wells while Chief Financial Officer Kevin Gagermeier will continue as an owner of the business. Mr.Gagermeier will replace Rick Diermeier as president and CEO when he retires in mid-October. L.B. White’s headquarters and manufacturing facility is located near La Crosse in Onalaska, WI (www.lbwhite.com).
“We are extremely impressed with the workforce, sales force and management team at L.B. White, the industry-leading product development capabilities, and the company’s market position in swine and poultry heating,” said Jay Radtke, a Managing Director at Mason Wells. “These key factors along with the relationships that L.B. White has forged with its customers and suppliers have enabled the business to achieve a high level of success over the past 65 years. We are excited to support the team at L.B. White to continue growing the business through strong customer service, quality products, and innovation.”
Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDAs of $5 million to $30 million. Sectors of interest include consumer packaged goods; packaging materials and converting; outsourced business services; and engineered products and services. In February 2016, Mason Wells held a final closing of Mason Wells Buyout Fund IV and its related Executive Buyout Fund IV with total commitments of $615 million. The firm was founded in 1998 and is based in Milwaukee (www.masonwells.com).
© 2017 Private Equity Professional | September 14, 2017