Middleby Acquires Gorreri Food Processing Technology

Rhea-AI Summary

Middleby (NASDAQ: MIDD) has acquired Gorreri Food Processing Technology, an Italian manufacturer of baked goods equipment with annual revenues of $20 million. Located near Parma, Italy, Gorreri operates from a recently expanded 50,000-square-foot facility. The acquisition enhances Middleby's food processing portfolio with complementary products including turbo mixers, dosing, injecting, decorating, enrobing and ultrasonic portioning solutions for cakes, pies, muffins, tarts and other desert line solutions.

Positive

• Acquisition adds $20 million in annual revenue
• Expands product portfolio in baked goods equipment sector
• Access to recently expanded 50,000-square-foot manufacturing facility
• Potential growth synergies in cake and dessert categories

Negative

• None.

Insights

Financial Analyst

This strategic acquisition strengthens Middleby's position in the food processing equipment sector, particularly in the lucrative bakery segment. With $20 million in annual revenue, Gorreri's contribution represents a modest but meaningful addition to Middleby's top line. The deal expands Middleby's European presence and adds high-margin specialized equipment to their portfolio.

The newly expanded 50,000-square-foot facility suggests Gorreri has invested in growth capacity, which Middleby can leverage through its established distribution channels. The complementary product line should create cross-selling opportunities and operational synergies. While the acquisition price wasn't disclosed, Middleby's track record of successful integrations and the potential for margin expansion through economies of scale make this a strategically sound move.

Market Research Analyst

The global industrial bakery equipment market is experiencing robust growth, driven by increasing automation in food processing and rising demand for packaged baked goods. Gorreri's specialized technology in ultrasonic portioning and turbo mixing represents valuable intellectual property that can be scaled across Middleby's global platform.

The strategic location near Parma, Italy - a renowned food technology hub - provides access to skilled talent and innovation networks. This acquisition particularly strengthens Middleby's presence in the premium segment of industrial baking solutions, where margins are typically higher and customer relationships more stable. The deal enhances Middleby's ability to serve large-scale industrial bakeries while also capturing the growing semi-industrial segment.

ELGIN, Ill.--(BUSINESS WIRE)-- The Middleby Corporation (NASDAQ: MIDD) has announced the acquisition of Gorreri Food Processing Technology based outside Parma, Italy. Gorreri is a leading manufacturer of equipment for the baked goods industry, including cakes, pies, muffins, tarts and other desert line solutions. The company operates in a state-of-the-art, 50,000-square-foot facility, which was recently expanded to accommodate growth. Gorreri has revenues of $20 million annually.

“Gorreri is a highly respected brand recognized worldwide for premium-quality advanced industrial and semi-industrial baked goods solutions. This acquisition adds a broad line of complementary products to our food processing group, including turbo mixers, dosing, injecting, decorating, enrobing and ultrasonic portioning solutions. The Gorreri innovative end-to-end solutions extend and significantly strengthen the current Middleby offerings as a leader in the cake and desert categories, with meaningful growth synergies,” said Tim FitzGerald, Middleby CEO.

Visit www.gorreri.com for more information on the company and their full line bakery solutions.

ABOUT THE MIDDLEBY CORPORATION

The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice, food processing, and residential kitchens. Middleby showcases its advanced solutions in the Middleby Innovation Kitchens for commercial foodservice, industrial baking and protein Innovation Centers for food processing solutions and state-of-the-art, award-winning Middleby Residential showrooms. For more information about Middleby, please visit www.middleby.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241125812948/en/

Darcy Bretz, VP of Corporate Communications, dbretz@middleby.com

Source: The Middleby Corporation

FAQ

What is the annual revenue of Gorreri Food Processing Technology acquired by MIDD?

Gorreri Food Processing Technology has annual revenues of $20 million.

What products does Gorreri add to Middleby's portfolio?

Gorreri adds turbo mixers, dosing, injecting, decorating, enrobing and ultrasonic portioning solutions for baked goods production.

Where is the Gorreri facility acquired by MIDD located?

Gorreri's facility is located outside Parma, Italy, and spans 50,000 square feet.

What market segment does the MIDD acquisition of Gorreri strengthen?

The acquisition strengthens Middleby's position in the cake and dessert categories of the food processing industry.