Middleby Acquires Imperial Commercial Cooking Equipment

Rhea-AI Summary

The Middleby Corporation (NASDAQ: MIDD) announced the acquisition of Imperial Commercial Cooking Equipment, based in Corona, California, for approximately $40 million in annual revenues. This acquisition enhances Middleby's brand portfolio and expands its presence on the West Coast. CEO Tim FitzGerald emphasized synergies between the companies, with Imperial's manufacturing capabilities expected to improve efficiency. The deal positions Middleby to leverage Imperial's established presence in the fast-casual restaurant segment, aiming for greater global reach and customer support.

Positive

• Acquisition of Imperial enhances brand portfolio and market presence.
• Expected synergies and manufacturing efficiencies from the acquisition.
• Expansion into the fast-casual restaurant segment, increasing market opportunities.

Negative

• None.

ELGIN, Ill.--(BUSINESS WIRE)-- The Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Imperial Commercial Cooking Equipment. Based in Corona, Calif., the company manufactures ranges, fryers, ovens, countertop equipment and other specialty cooking products for the commercial kitchen. Imperial has annual revenues of approximately $40 million.

“Imperial is a leading, highly-respected commercial foodservice brand with products that complement the existing Middleby core cooking category. While we are enhancing our current brand portfolio, this acquisition also expands our west coast footprint and allows us to provide broader capabilities and support to our domestic customers,” said Tim FitzGerald, Middleby CEO.

“We are excited to realize the many synergies between the companies. Imperial has impressive manufacturing capabilities, which will provide potential for greater efficiencies and flexibility to our commercial foodservice platform. Working with our long-standing international distribution partners, Imperial has a prime opportunity to expand its global reach. Imperial also has an established presence in the quickly growing fast-casual chain restaurant segment, which will be a benefit to the Middleby brands as well,” Mr. FitzGerald commented.

Since its inception in 1957, the Imperial mission has been to be the preferred global supplier of high quality, top value cooking equipment to the foodservice industry. Please visit www.imperialrange.com for more information on the company and its products.

For more information about The Middleby Corporation and the company brands, visit www.middleby.com.

ABOUT THE MIDDLEBY CORPORATION

The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used in the commercial foodservice, food processing, and residential kitchen equipment industries. The company's leading equipment brands serving the commercial foodservice industry include Anets®, APW Wyott®, Bakers Pride®, Beech®, BKI®, Blodgett®, Blodgett Combi®, Blodgett Range®, Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®, Concordia®, CookTek®, Crown®, CTX®, Desmon®, Deutsche Beverage®, Doyon®, Eswood®, EVO®, Firex®, Follett®, frifri®, Giga®, Globe®, Goldstein®, Holman®, Houno®, IMC®, Induc®, Ink Kegs®, Inline Filling Systems®, Jade®, JoeTap®, Josper®, L2F®, Lang®, Lincat®, MagiKitch'n®, Market Forge®, Marsal®, Meheen®, Middleby Marshall®, MPC®, Nieco®, Nu-Vu®, PerfectFry®, Pitco®, QualServ®, RAM®, Southbend®, Ss Brewtech®, Star®, Starline®, Sveba Dahlen®, Synesso®, Tank®, Taylor®, Thor®, Toastmaster®, TurboChef®, Ultrafryer®, Varimixer®, Wells® Wild Goose® and Wunder-Bar®.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210924005538/en/

Darcy Bretz, Director of Corporate Communications, (847) 429-7756.

Source: The Middleby Corporation

FAQ

What is the significance of The Middleby Corporation's acquisition of Imperial?

The acquisition enhances Middleby's brand portfolio and expands its West Coast presence, allowing for broader capabilities in commercial cooking equipment.

How much revenue does Imperial Commercial Cooking Equipment generate?

Imperial has approximately $40 million in annual revenues.

What potential benefits does the acquisition of Imperial offer Middleby?

It provides manufacturing efficiencies, expansion opportunities in the fast-casual restaurant segment, and greater global reach.

When was the acquisition of Imperial by Middleby announced?

The acquisition was announced on September 24, 2021.

What type of products does Imperial manufacture?

Imperial manufactures ranges, fryers, ovens, and specialty cooking products for commercial kitchens.