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L.B. White acquired by partnership

Dec. 15, 2010 – L.B. White has announced 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.


December 15, 2010
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Dec. 15, 2010 – L.B. White has announced 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 and Chief Investment Officer of UBS Global Asset Management.
 
L.B White manufactures and markets 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. 
 
Hospitality International, 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 metal frame commercial seating products and tables.