Press release
Middleby Confirms Ongoing Strategic Review of Business Portfolio as Part of Board of Directors’ Efforts to Maximize Shareholder Value
ELGIN, Ill.--(BUSINESS WIRE)-- The Middleby Corporation (“Middleby,” “The Company”) (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the
About this update from The Middleby Corporation
[{"type":"text","content":" ELGIN, Ill.--(BUSINESS WIRE)--\nThe Middleby Corporation (“Middleby,” “The Company”) (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today confirmed that, as part of its Board of Directors’ ongoing efforts to maximize shareholder value, the Company has been conducting a strategic review of its business portfolio, which started last year. The Board, with the assistance of outside financial and legal advisors, is considering a broad range of strategic options including a potential separation of its Food Processing and/or its Residential Kitchen business units, among other alternatives.\n\n\nThe Board and management team believe that there is unrealized value in the Company’s business portfolio and have been evaluating a wide range of options and the optimal timing to unlock that value. The Company is in advanced stages of this review and expects to reach a conclusion within the next few months.\n\n\nThere can be no assurance regarding the results or outcome of this review. Middleby does not intend to comment further on its strategic review process unless and until its Board approves a transaction or specific course of action or otherwise determines that further disclosure is appropriate or required.\n\n\nGoldman Sachs & Co. LLC is serving as exclusive financial advisor to Middleby and Skadden, Arps, Slate, Meagher & Flom LLP is serving as its legal advisor.\n\n\nAbout The Middleby Corporation\n\n\nThe Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice, food processing, and residential kitchens. Middleby showcases its advanced solutions in the Middleby Innovation Kitchens for commercial foodservice, industrial baking and protein Innovation Centers for food processing solutions and state-of-the-art, award-winning Middleby Residential showrooms. For more information about Middleby, please visit www.middleby.com.\n\n\nForward-Looking Statements\n\n\nStatements 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...