Middleby Corp - MIDD STOCK NEWS

1847 Goedeker Inc. has appointed Selim Bassoul and Alan Shaw to its Board of Directors as part of its board refresh process. This move follows a cooperation agreement with Kanen Wealth Management, which provided input on these changes. With this, nearly half of the board has been appointed within a year. Paul Froning will retire from the board, acknowledging that the company is entering a new phase post the Appliances Connection acquisition. This strategic decision aims to enhance operational expertise and support growth initiatives in the household appliances market.

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.

The Middleby Corporation (NASDAQ: MIDD) reported strong financial results for Q2 2021, with net earnings of $120.6 million, or $2.13 per diluted share, on net sales of $808.8 million, marking a 71.4% increase year-over-year. Adjusted net earnings stood at $116.8 million. The company's backlog reached a record $994.2 million, a 90% increase from the previous year. Despite facing supply chain disruptions and rising material costs, Middleby is confident in its ability to navigate challenges and capitalize on growth opportunities in foodservice, residential kitchen, and food processing sectors.

The Middleby Corporation (NASDAQ: MIDD) is set to release its second-quarter earnings for 2021 on August 12, prior to market opening. A conference call will follow at 11 a.m. ET to discuss the results, accessible via the company’s Investor Relations page or by phone at (888) 391-6937. Middleby is a leader in the foodservice equipment market, manufacturing a vast array of products for commercial and residential use across various brands. Investors are keenly awaiting financial metrics and guidance that may influence stock performance.

Middleby Corporation (NASDAQ: MIDD) announced it will not modify the Merger Agreement with Welbilt, Inc. (NYSE: WBT) and will let the five-day match period expire, leading to the agreement's termination. Middleby will receive a $110 million termination fee from Welbilt, enhancing its financial position for future acquisitions. CEO Timothy FitzGerald highlighted the strategic value of the agreement for shareholders and affirmed confidence in Middleby's growth and profitability prospects amid ongoing industry momentum.

The Middleby Corporation (NASDAQ: MIDD) announced the acquisition of Novy, a Belgian manufacturer of premium residential ventilation hoods and cooktops, boasting annual sales of approximately $90 million USD and EBITDA margins over 20%. CEO Tim FitzGerald emphasized the strategic importance of Novy's innovative products, which will enhance their portfolio and drive sales growth in the U.S. and U.K. markets. This acquisition aims to expand Middleby’s presence in the growing built-in kitchen segment globally.

The Middleby Corporation (NASDAQ: MIDD) has revised its Q2 2021 and fiscal year 2021 forecasts, projecting revenues of $808 million and adjusted EBITDA of $186 million, surpassing prior estimates. This strong outlook is driven by increased customer orders, particularly in the Residential Kitchen segment, and anticipated record backlog exceeding $1 billion. The company also reiterated confidence in its merger with Welbilt, projecting significant cost synergies valued at over $3 per Welbilt share. Analysts have raised Middleby’s price targets, reflecting positive sentiment on the merger.

Botrista Technology, Inc. has secured $10 million in Series A funding, co-led by Purestone Capital and La Kaffa International, increasing total capital raised to $16 million. The funds will enhance deployment operations for the DrinkBot, which automates craft beverage preparation. With 10x year-over-year growth, the DrinkBot addresses labor shortages in food service by providing an efficient, user-friendly solution for crafting drinks. The funding will support nationwide expansion, leveraging Botrista's advanced technology to capitalize on the rising demand for craft beverages.

The Middleby Corporation (NASDAQ: MIDD) is committed to completing its merger with Welbilt, Inc. (NYSE: WBT) despite an unsolicited proposal from Ali Group. The merger aims to create a robust Commercial Foodservice platform and is currently undergoing regulatory approval. Middleby asserts its proposal offers superior value to Welbilt shareholders, emphasizing identified synergies worth $120 million. CEO Tim FitzGerald stated that the merger secures future growth opportunities for shareholders, unlike the Ali Group's conditional proposal, which carries higher risks and uncertainties.