The Middleby Corporation · NASDAQ:MIDD
The Middleby — Middleby — Merger or Acquisition (January 2013)
10 slides from The Middleby's merger presentation, Jan 2, 2013
Slide 1: Viking Acquisition Overview
Viking Acquisition Overview January 2, 2013
Slide 2: Forward Looking Statements
Forward Looking Statements 2 Statements made in this presentation or otherwise attributable to the company regarding the company's business which are not historical fact are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995
Slide 3: Transaction Overview
Transaction Overview 3 Leading Brand in Residential Cooking and Kitchen Equipment New Platform with Significant Growth Opportunities Estimated premium/luxury market >$1 billion Synergies with Middleby’s commercial foodservice business Positioned for Growth Improvement in residential market Introduct
Slide 4: Financial Overview
Transaction Overview 4 Purchase price $380 million All cash funded at close No contingent or deferred payments Viking Financial Highlights Current approximate Net Assets $50 million Current approximate annual revenues $200 million Current run rate EBITDA 10% - 12% Peak 2006/2007 revenues of approxim
Slide 5: Professional Cooking in the Home
Viking Overview 5 First introduced in 1987 as the industry’s first restaurant-type range, Viking’s Professional Series offers the ultimate experience in performance and design Professional Cooking in the Home Viking was the first to offer a full range of professional-style products for the complete
Slide 6: Design Integrity
Viking Overview Design Integrity TM Ensures consistency in both performance and design Across all product categories, every feature follows the same design cues Ultra-premium features including precision burner controls, convection baking and infrared broiling Extends not only to core family of larg
Slide 7: Full Coverage of Luxury and Super-Premium Categories
Viking Overview 7 Full Coverage of Luxury and Super-Premium Categories with Recent Introductions Brigade Series Super-premium line for those wanting to truly differentiate themselves and make a statement Freestanding ranges and other kitchen appliances European-influenced "suite" concept - fully cus
Slide 8: Manufacturing Overview
Viking Overview 8 Manufacturing Overview Overview 4 manufacturing plants Distribution center Over 650 employees locally (non-union) State-of-the-art machinery and diagnostic checkpoints Progressive & flexible production techniques (Toyota Production System) Ability to increase production by >2.5x wi
Slide 9: Synergies
Transaction Synergies 9 Significant Synergies with Middleby Commercial Foodservice Platform Design and manufacturing synergies of ranges, ovens, and outdoor cooking Cost reduced designs Quality enhancements Manufacturing consolidation opportunities Purchasing leverage and supply chain Greater combin
Slide 10: Transaction Financial Expectations
Transaction Summary Sales Growth from improving residential market New product introductions Penetration of emerging markets Opportunities to grow through future acquisition Profitability Dilutive to EPS first half 2013 Accretive to EPS second half 2013 Increase of EBITDA margins to >20% within 3 ye