L.B. White announces ownership change
Private equity firm Mason Wells acquires company.
L. B. White Company, Inc. announces that the ownership interests of Jeff Diermeier and Rick Diermeier have been acquired by Mason Wells, Inc. of Milwaukee, WI. Kevin Gagermeier continues as an owner of the business and will be replacing Rick Diermeier as President and CEO when he retires in mid-October.
Following the transition of duties to Kevin, Rick Diermeier will continue to serve as a member of the Board of Directors of the Company. All other employees will remain with the business. Terms of the transaction were not disclosed. Kevin Gagermeier is and has served as Chief Financial Officer since 2007 and co-owner since 2010.
L. B. White was established in 1952 by Lyall White. In 1992, the business was purchased by Tony Wilson from Warren Quinlisk. Jeff Diermeier, Rick Diermeier and Kevin Gagermeier acquired the business in December, 2010.
Based in Onalaska, WI, L.B. White is a manufacturer of branded forced-air, radiant, and variable rate heating equipment and parts for the global swine, poultry, and construction markets. Over L.B. White’s 65-year history, the Company has become a leader in the global swine and poultry heating equipment and parts markets. For more information, please visit the L.B. White website at www.lbwhite.com.
Mason Wells is a leading Midwest-based private equity firm with approximately $1.0 billion in assets under management across its current private equity funds. Mason Wells is currently investing out of Mason Wells Buyout Fund IV, a $615 million fund. Since Mason Wells was formed in 1998, its buyout funds have invested in four specific industry sectors: Consumer Packaged Goods, Outsourced Business Services, Engineered Products & Services, and Packaging Materials & Converting. For more information related to Mason Wells, please visit the firm’s website at www.masonwells.com.
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