Press release
26North and The Middleby Corporation Agree to Form $885 Million Partnership for Residential Kitchen, a Leading Collection of Premium Cooking, Refrigeration and Outdoor Living Brands
The Partnership Includes Storied Names such as Viking, AGA, Rangemaster, La Cornue, Lynx, U-Line, Kamado Joe and Masterbuilt NEW YORK--(BUSINESS WIRE)--
About this update from The Middleby Corporation
[{"type":"text","content":"\nThe Partnership Includes Storied Names such as Viking, AGA, Rangemaster, La Cornue, Lynx, U-Line, Kamado Joe and Masterbuilt\n\n NEW YORK--(BUSINESS WIRE)--\n26North Partners (“26North”) and The Middleby Corporation (“Middleby”) (NASDAQ: MIDD) today announced that affiliates of 26North have agreed to purchase a 51% controlling interest in Middleby’s Residential Kitchen business at a valuation of $885 million, creating a leading platform in premium cooking, refrigeration and outdoor living. Middleby will own a 49% non-controlling interest in the new standalone joint venture. The transaction highlights 26North’s flexible, solutions-oriented approach to corporate partnerships and carveouts.\n\nResidential Kitchen’s portfolio includes iconic, category-defining brands in Europe and the US, such as Viking, AGA, Rangemaster, La Cornue, Lynx, U-Line, Kamado Joe and Masterbuilt. These brands bring together performance, design and craftsmanship to make the kitchen the true heart of the home.\n\n“We are proud to have the opportunity to partner with Middleby,” said Mark Weinberg, 26North Partner and Head of Private Equity. “This transaction creates a dedicated platform for the most influential and iconic brands in residential cooking, allowing them to continue setting the pace for the industry.”\n\n“This partnership pairs the focus and agility of an independent company with the long-standing dealer relationships and incredible consumer awareness of Residential Kitchen’s established portfolio,” said Jon Garcia, 26North Partner and Head of the Alpha Creation Team. “We look forward to building on the legacy of these remarkable brands by investing to deliver a world-class experience to the trade, our dealers and ultimately our customers.”\n\nThe transaction also supports Middleby’s ongoing transformation into a focused commercial foodservice solutions provider.\n\n“This transaction enables Middleby to partially monetize our Residential Kitchen business and provides significant upfront cash proceeds to invest in shareholder return initiatives, while at the same time enabling Middleby to participate in Residential Kitchen’s upside potential,” said Tim FitzGerald, Middleby CEO. “We are excited to partner with 26North given its ability to create value in collaboration with corporate partners.”\n\nThe transaction is subject to customary regulatory...