ONALASKA, WI, December 8, 2010
L.B. White Company, Inc. announces that it has been acquired by a group consisting of Jeff Diermeier, Rick Diermeier and Kevin Gagermeier. This acquisition includes L.B. White, PSI Heating Systems and two sister companies that make up Hospitality International, LLC; La Crosse and Carroll Chair Company.
Terms of the transaction were not disclosed. Rick Diermeier is and has served as the company’s President and COO since 2004 and Kevin Gagermeier is and has served as Chief Financial Officer since 2007. Jeff Diermeier is the company’s new Chairman and is a private investor who was the former Chief Executive Officer of the CFA Institute headquartered in Charlottesville, VA and Chief Investment Officer of UBS Global Asset Management in Chicago, IL. He currently sits on a number of boards including the University of Wisconsin Foundation, Janus Capital Group and the Financial Accounting Foundation.
L.B. White was established in 1952 by Lyle White. In 1992, the business was purchased by Tony Wilson from Warren Quinlisk. The PSI and Carroll Chair businesses were acquired by Tony Wilson in the 1990’s. Claire Wilson became a part owner of the business more recently. Rick Diermeier stated, “We sincerely thank Tony and Claire Wilson for their hard work and dedication in making this transaction possible. The combined businesses have grown significantly since Tony acquired L.B. White. Each company is well positioned for successful growth in their respective markets. We look forward to continuing the tradition of providing superior products and service to our customers.” Kevin Gagermeier added, “As a native of the Coulee Region, I am pleased that L.B. White will retain local ownership as a result of this transaction.”
About L.B. White: L.B White is based in Onalaska, Wisconsin and is one of the world’s leading
manufacturers and marketers of direct-fired forced air, radiant and indirect-fired heaters for agricultural, construction, tent and greenhouse environments. L.B. White consists of two heating equipment divisions, L.B. White and PSI Heating Systems. Through separate sales and distribution networks, the divisions manufacture and distribute the company’s products to a broad domestic and international customer base.
About Hospitality International: Hospitality International LLC, L.B. White’s sister company, designs and manufactures stainless steel underbar equipment and portable bar products under the La Crosse brand while Carroll Chair Company provides a broad line of quality metal frame commercial seating products and tables.