Modine acquires L.B. White for ~$112M; deal accretive, expected close May 31

MODINE MANUFACTURING CO

Purchase price ~$112M; EV/TTM EBITDA multiple below 10x; TTM revenue $73.5M.
L.B. White is a leader in specialty heating for agriculture, construction, and events; 190 employees.
Deal expected to close May 31, 2025, funded by cash on hand and existing credit facility.
Acquisition expected to be immediately accretive to EPS; L.B. White to integrate into HVAC Technologies.
Pro forma net leverage estimated at ~0.8x based on Modine's March 31 balance sheet.

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