ELGIN, Ill.--(BUSINESS WIRE)--Feb. 27, 2019--
The Middleby Corporation (NASDAQ: MIDD) today announced that it has
entered into a definitive agreement to acquire from Standex
International Corporation (NYSE: SXI) its Cooking Solutions Group, which
consists of the well-known brands APW Wyott®, Bakers Pride®, BKI® and
Ultrafryer®. In 2018, the Standex Cooking Solutions Group had revenues
of approximately $100 million. The transaction completion is subject to
customary closing conditions.
“The Standex cooking brands are well recognized and respected in the
foodservice industry. This acquisition adds to the product portfolio and
expands the customers and markets which Middleby serves. BKI has a
strong presence in the retail segment, a market in which Middleby has
historically had limited representation, providing for a complementary
fit and growth opportunities within this customer segment which can
extend to other Middleby products. Ultrafryer’s unique high efficiency
and high capacity frying technology broadens our product offerings and
expands our customer opportunity,” said Tim FitzGerald, CEO of The
Middleby Corporation. “The APW and Bakers Pride brands also further
extend and complement our existing portfolio of cooking products, and
bring a new manufacturing footprint for Middleby in Mexico to better
serve Latin America.”
Based in Allen, Texas, Standex Cooking Solutions Group has six
locations, the Group headquarters, three manufacturing sites and two
distribution centers. Products include combination and convection ovens,
fryers, ranges, food merchandisers and warmers.
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®, Bear Varimixer®, Beech®, Blodgett®, Blodgett Combi®,
Blodgett Range®, Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®,
Concordia®, CookTek®, Crown Food Equipment®, CTX®, Desmon®, Doyon®,
Eswood®, EVO®, frifri®, Firex®, Follett®, Giga®, Globe®, Goldstein®,
Holman®, Houno®, IMC®, Induc®, Jade®, JoeTap®, Josper®, L2F®, Lang®,
Lincat®, MagiKitch'n®, Market Forge®, Marsal®, Middleby Marshall®, MPC®,
Nieco®, Nu-Vu®, PerfectFry®, Pitco Frialator®, QualServ®, Southbend®,
Star®, Sveba Dahlen®, Taylor®, Toastmaster®, TurboChef®, Wells® 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®,
Drake®, Emico®, Glimek®, Hinds-Bock®, Maurer-Atmos®, MP Equipment®,
M-TEK®, 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®, Fired Earth®,
EVO®, Heartland®, La Cornue®, Leisure Sinks®, Lynx®, Marvel®, Mercury®,
Rangemaster®, Rayburn®, Redfyre®, Sedona®, Stanley®, TurboChef®, U-Line®
and Viking®.
For more information about The Middleby Corporation and the company
brands, please visit www.middleby.com.
Forward-Looking Statements
Statements in this press release or otherwise attributable to the
company regarding the company's business which are not historical facts
are forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. The
company cautions investors that such statements are estimates of future
performance and are highly dependent upon a variety of important factors
that could cause actual results to differ materially from such
statements. Such factors include variability in financing costs;
quarterly variations in operating results; dependence on key customers;
international exposure; foreign exchange and political risks affecting
international sales; changing market conditions; the impact of
competitive products and pricing; the impact of announced management and
organizational changes; the timely development and market acceptance of
the company's products; the availability and cost of raw materials; and
other risks detailed herein and from time-to-time in the company's SEC
filings. Any forward-looking statement speaks only as of the date
hereof, and the Company does not undertake any obligation to publicly
update or review any forward-looking statement, whether as a result of
new information, future developments or otherwise, except as required by
law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190227005870/en/
Source: The Middleby Corporation
Darcy Bretz (847) 429.7756 or dbretz@middleby.com
