Middleby Completes Kamado Joe and Masterbuilt Acquisition, Announces Addition of Char-Griller

Rhea-AI Summary

The Middleby Corporation (NASDAQ: MIDD) has completed acquisitions of Masterbuilt Holdings and Char-Griller, enhancing its outdoor product offerings. These brands, including Kamado Joe, contribute to Middleby Residential surpassing $1 billion in revenues. Char-Griller alone generated approximately $150 million in 2021. CEO Tim FitzGerald indicated that these acquisitions offer synergies in supply chain, manufacturing, and distribution, positioning the company for long-term growth amidst rising demand for residential outdoor cooking.

Positive

• Acquisitions boost Middleby Residential revenues beyond $1 billion.
• Char-Griller adds $150 million in revenue from 2021.
• Strategic synergies identified in supply chain and distribution.

Negative

• None.

Middleby Residential Grows to More Than $1b in Revenues with Recent Outdoor Brand Additions

ELGIN, Ill.--(BUSINESS WIRE)-- The Middleby Corporation (NASDAQ: MIDD) has finalized the previously announced acquisition of Masterbuilt Holdings, LLC and their residential outdoor brands Kamado Joe and Masterbuilt. Middleby also has completed the acquisition of Char-Griller, a leader in residential outdoor charcoal and gas cooking products based in Atlanta. Char-Griller has revenues of approximately $150 million in 2021.

“We continue to make strategic acquisitions that strengthen our three industry leading foodservice platforms,” said Tim FitzGerald, Middleby CEO.

“Char-Griller further adds to our product offerings for the outdoor market and the growing number of backyard cooking enthusiasts. With complementary customers and channels of distribution, Char-Griller provides Middleby Residential with added growth opportunities. There are meaningful synergies to leverage supply chain, manufacturing, product development and distribution capabilities,” Mr. FitzGerald commented. “The addition of Kamado Joe, Masterbuilt and Char-Griller outdoor cooking brands expand the revenues of our Middleby Residential platform to more than $1 billion.”

“We are committed to delivering our residential customers products and innovations to support evolving indoor and outdoor kitchen demands. As we continue to realize operating efficiencies across our entire residential portfolio, profitability has steadily increased for the segment. We have also made significant investments in our showrooms, sales and marketing, distribution capabilities, and international footprint that position us for long-term growth at our residential business,” Mr. Fitzgerald concluded.

Information and terms on the acquisition of Kamado Joe and Masterbuilt is available in a press release announcing the transaction on Dec 6. click here

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®, Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®, Concordia®, CookTek®, Crown®, CTX®, Desmon®, Deutsche Beverage®, Doyon®, Eswood®, EVO®, Firex®, Follett®, frifri®, Globe®, Goldstein®, Holman®, Houno®, IMC®, Imperial®, 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®. The company’s leading equipment brands serving the food processing industry include Alkar®, Armor Inox®, Auto-Bake®, Baker Thermal Solutions®, Burford®, Cozzini®, CV-Tek ®, Danfotech®, Deutsche Process®, Drake®, Glimek®, Hinds-Bock®, Maurer-Atmos®, MP Equipment®, 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®, Char-Griller®, EVO®, Kamado Joe®, La Cornue®, Leisure Sinks®, Lynx®, Marvel®, Masterbuilt®, Mercury®, Novy®, Rangemaster®, Rayburn®, Redfyre®, Sedona®, Stanley®, TurboChef®, U-Line® and Viking®. For more information about The Middleby Corporation and the company brands, visit middleby.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211227005119/en/

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

Source: The Middleby Corporation

FAQ

What are the recent acquisitions made by Middleby Corporation in 2023?

Middleby Corporation has acquired Masterbuilt Holdings and Char-Griller.

How much revenue do the new acquisitions contribute to Middleby Corporation?

The new acquisitions help Middleby Residential surpass $1 billion in revenues.

What is the expected impact of the Char-Griller acquisition on Middleby Corporation?

The acquisition is expected to provide synergies in supply chain and distribution while expanding product offerings.

What was Char-Griller's revenue in 2021?

Char-Griller generated approximately $150 million in revenue in 2021.