Modine Manufacturing Company (MOD) M&A presentation summary

Acquisition overview

• Announced acquisition of L.B. White, a leading manufacturer of propane, natural gas, and kerosene heaters for agricultural, construction, tent, and greenhouse markets.

• L.B. White has over 75 years of experience, 190 employees, and a strong reputation for premium products and customer relationships.

• The company generated $73.5M in trailing twelve-month revenue as of May 31, 2025.

Market position and growth opportunities

• L.B. White holds market-leading positions in agriculture and portable climate solutions, with a large installed base and stable, profitable earnings.

• Serves poultry, swine, greenhouse, construction, and temporary structure markets with a comprehensive suite of heating and cooling products.

• North American agricultural climate solutions market is valued at ~$200M, and portables at $600M, both forecasted to grow mid- to high-single digits.

Transaction details and financial impact

• Purchase price is approximately $112 million, representing a transaction multiple below 10x EV/TTM EBITDA.

• The deal is accretive to earnings per share before synergies and is structured as a cash transaction.

• Estimated pro forma net leverage is ~0.8x, maintaining a strong balance sheet and liquidity.