L.B. White Co. Inc. announced that the ownership interests of Jeff Diermeier and Rick Diermeier have been acquired by Mason Wells Inc. of Milwaukee, Wis.
Based in Onalaska, Wis., 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.
Kevin Gagermeier will continue as an owner of the business and will be replacing Rick Diermeier as president and chief executive officer when he retires in mid-October.
Following the transition of duties to Gagermeier, 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.
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 Gagermeier acquired the business in December 2010.
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.
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 the $615 million Mason Wells Buyout Fund IV. 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 and services and packaging materials and converting.