Middleby Acquires United Foodservice

Rhea-AI Summary

The Middleby Corporation (NASDAQ: MIDD) has acquired United Foodservice Equipment Group, a China-based leader in counter top commercial foodservice equipment, with annual revenues of approximately $10 million. CEO Tim FitzGerald stated that this strategic acquisition enhances Middleby's capabilities in a growing Asian market, allowing better service to customers. The addition of United's recognized product line and established manufacturing will broaden Middleby’s offerings and expedite new product introductions in China, signaling a commitment to growth in this key region.

Positive

• Acquisition of United Foodservice Equipment Group expands capabilities in the Asian market.
• United's annual revenues are approximately $10 million, contributing positively to Middleby.
• Strengthens existing product portfolio and broadens offerings in targeted growth markets.

Negative

• None.

The Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Zhuhai Guangdong China-based United Foodservice Equipment Group. The company is a leader in the design, manufacture and supply of counter top commercial foodservice equipment with recent annual revenues of approximately $10 million.

“This strategic acquisition expands our capabilities in a key global location and high-demand market. We expect continued growth in Asia and this acquisition strengthens our capabilities to best serve customers in this region and worldwide,” said Tim FitzGerald, Middleby CEO. “United brings an existing, well-known line of cooking equipment along with well-established design and manufacturing capabilities to Middleby. This complements our existing footprint while broadening our offerings in targeted growth markets.”

“We are excited to launch the recognized product line and respected brands of United through our Middleby partner channels in China,” said George Koether, Middleby Group President, East Asia and China. “This addition allows us to immediately expand our offerings in China, while also accelerating new product introductions into this receptive market.”

United has been designing and manufacturing counter top commercial foodservice equipment since 2001 under the brand name Thor. More information about the company can be found at www.unitedfoodserviceequipment.com

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®, Taylor®, Toastmaster®, TurboChef®, Ultrafryer®, Varimixer®, Wells® Wild Goose® and Wunder-Bar®. The company’s leading equipment brands serving the food processing industry include Alkar®, Armor Inox®, Auto-Bake®, Baker Thermal Solutions®, Burford®, Cozzini®, CVP Systems®, Danfotech®, Deutsche Process®, Drake®, Emico®, Glimek®, Hinds-Bock®, Maurer-Atmos®, MP Equipment®, M-TEK®, Pacproinc®, RapidPak®, Scanico®, Spooner Vicars®, Stewart Systems®, Thurne® and Ve.Ma.C.®. The company’s leading equipment brands serving the residential kitchen industry include AGA® AGA Cookshop®, Brava®, EVO®, Fired Earth®, Heartland®, La Cornue®, Leisure Sinks®, Lynx®, Marvel®, Mercury®, Rangemaster®, Rayburn®, Redfyre®, Sedona®, Stanley®, TurboChef®, Thor®, U-Line® and Viking®.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20201221005204/en/

FAQ

What is the significance of Middleby's acquisition of United Foodservice Equipment Group?

The acquisition enhances Middleby's capabilities in Asia, strengthens product offerings, and aims for growth in a key market.

How much revenue does United Foodservice Equipment Group generate?

United has recent annual revenues of approximately $10 million.

What products will Middleby expand through this acquisition?

Middleby will launch United's recognized product line, enhancing their commercial foodservice equipment offerings.

When was the acquisition of United Foodservice Equipment Group announced?

The acquisition was announced on [insert date if known] by The Middleby Corporation.