The Middleby Corporation · NASDAQ:MIDD
The Middleby — Middleby — Investor Presentation (June 2021)
27 slides from The Middleby's investor presentation, Jun 2, 2021
Slide 1: Investor Presentation June 2021
1 Investor Presentation June 2021 Exhibit 99.1
Slide 2: Disclaimer: Forward-Looking Statements
2 Disclaimer Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act. Some of these forward-looking statements can be identified by the use
Slide 3: Disclaimer: Additional Information about the Merger
3 Disclaimer Additional Information about the Merger and Where to Find It In connection with Middleby’s proposed acquisition of Welbilt, Middleby has filed with the SEC a registration statement on Form S-4 (SEC File No. 333-256653) that includes a preliminary joint proxy statement of Middleby and We
Slide 4: Middleby is a well diversified industry-leading foodservice business
4 Middleby is a well diversified industry-leading foodservice business Middleby Overview Commercial 60% Food Processing 17% Residential 23% Company Highlights2020 Sales by Segment Three industry-leading, highly synergistic foodservice platforms with over 100 brands Diversified business across en
Slide 5: Commercial Foodservice, Residential Kitchen, Food Processing
5 Commercial Foodservice Residential Kitchen Food Processing 2020 Revenue Contribution Middleby is a leading global manufacturer of commercial cooking equipment Extensive portfolio of products catered toward restaurants (from quick service to fine dining) as well as institutions such as hospital
Slide 6: Accelerating Synergies Across Platforms
6 Technology and engineering synergies Technology sharing across segments Acceleration of development and to- market Shared Controls and IoT Integrated Controls platform Internet of Things (“IoT”) Automation Supply chain Production capabilities and platform manufacturing Shared f
Slide 7: Overview of Middleby's Q1 '21 Earnings Commentary
7 Overview of Middleby’s Q1 ’21 Earnings Commentary Segment Q1 2021 vs. Prior Year Performance ________________________ Source: Company filings. Consolidated Middleby Q1 2021 vs. Prior Year Performance Consolidated Middleby: Quarterly revenue increase of 12% year-over-year, 8%+ organically Commerc
Slide 8: Order and Backlog Trends – 2021 vs. 2019
8 Order and Backlog Trends – 2021 vs. 2019 Food ProcessingCommercial Foodservice Residential Kitchen Total Company Note: Orders refer to organic figures, and data for Q2 2021 and Q2 2019 are through first seven weeks of the quarter. Q1 2021 Orders vs. Q1 2019 Orders ▲23% ▲21% ▲71% ▲63% ▲13% ▲36% ▲31
Slide 9: M&A Strategy
_ MIDDLEBY M&A Strategy
Slide 10: Middleby's Historical Track Record
10 $403 $501 $652 $646 $719 $856 $1,038 $1,429 $1,637 $1,827 $2,268 $2,336 $2,723 $2,959 $2,513 $2,594 $86 $124 $143 $146 $154 $187 $224 $305 $368 $402 $514 $523 $569 $638 $484 $507 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021LTM Historical Sales and
Slide 11: Middleby's Strategic M&A Focus
11 Middleby has successfully deployed capital to acquire brands over the years which are strategically complementary to the current portfolio Middleby has completed 20+ transactions since the beginning of 2018, investing in key technology initiatives and trends, while enhancing the company’s capab
Slide 12: Middleby is a Proven and Experienced Acquirer
12 Middleby is a Proven and Experienced Acquirer Our acquisition history provides a clear integration playbook to implement best practices and maximize efficiency across the Middleby organization Middleby has historically realized synergies from its acquisitions from material and supply chain in
Slide 13: Multifaceted Strategy for Long-Term Growth and Margin Enhancement
13 Sales Growth Initiatives New product innovation Existing customer penetration International expansion in emerging markets Digital marketing and sales channel investments Services and aftermarket initiatives Continued M&A and business development Operating Efficiencies Acquisition in
Slide 14: Growth and Innovation
Growth and Innovation _ MIDDLEBY 14
Slide 15: Middleby is enabling Kitchen Innovation
15 Established Premium Residential PlatformEstablished Commercial Beverage Platform Technology Innovation Supporting Sustained Brand Growth Continued Expansion Into Key Geographic Growth Markets Continued Expansion in Commercial Foodservice and Food Processing Categories Innovative New Product Launc
Slide 16: Beverage Platform Innovation
16 Automated Coffee & Espresso Nitro Brew/Cold Brew Soda & Tea Dispense Blending & Smoothies Shakes & Deserts Ice & Water Dispense Liquor & Bar Beer Brewing Canning & Bottling Capitalizing on Market Trends Recently Established Beverage Platform With Significant Growth Opportunities
Slide 17: Accelerating Trends and Middleby Solutions
17 Added focus on off-premise (delivery, carry out and drive- through) Emphasis on menu simplification, throughput and space utilization Labor availability, training and cost New foodservice models - modular, ghost and cloud kitchens Remote operation, monitoring and service Kitchen autom
Slide 18: Open Kitchen IoT Platform
18 Open Kitchen IoT Platform Launched 2020 Energy Savings Equipment Connectivity Automation Food Safety Workflow Instructions Employee and Customer Safety Restaurant Sustainability Open Kitchen Platform Capabilities 6,000+ Locations Operating on Middleby Open Kitchen IoT Platform
Slide 19: Middleby Innovation Kitchens
19 Middleby Innovation Kitchens Customer and channel partner traffic through the MIK has exceeded expectations with over 70+ customer visits since its opening. We are also expanding the MIK to include a new automated ghost kitchen POD and an automated sous vide line. The Automation Ghost Kitchen “PO
Slide 20: End Market Outlook
End Market Outlook _ MIDDLEBY 20
Slide 21: Restaurant Average Weekly Sales
21 Restaurant Average Weekly Sales According to Miller Pulse data from the beginning of March to Mid-May 2021, average weekly restaurant sales are up nearly 15% from 2019 levels Averages 2019 $32,457 2021 $37,099 2019 2021 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 Week 9 Week 10 Week 1
Slide 22: Industry Outlook – Residential Kitchen Equipment
22________________________ Source: National Association of Realtors, U.S. Census Bureau. Housing Sales % Change Year-Over-Year Permits Authorized New and existing home sales continue to be strong – NAR 2021 forecast is new home sales up 20% and existing home sales up 10% Record low inventory of
Slide 23: Acquisition of Welbilt
Acquisition of Welbilt _ MIDDLEBY 23
Slide 24: Acquisition of Welbilt
24 Acquisition of Welbilt Announced on April 21, 2021 . Dynamic Commercial Foodservice Platform Well Suited to Serve Customers Globally ~$120mm of Operational Improvement Positioned for Future Growth Opportunities in a Rapidly Changing Environment within the Commercial Foodservice Industry Transacti
Slide 25: Welbilt Acquisition Strategic Rationale
25 Welbilt Acquisition Strategic Rationale Expands Portfolio of Highly-Respected Foodservice Industry Brands − Welbilt brands are recognized globally for quality and innovation 1 Broadens Customer Offerings with Complementary Products and Solutions − Expands Middleby’s beverage platform, addressing
Slide 26: Summary
Summary _ MIDDLEBY 26
Slide 27: Middleby Investment Highlights
27 Middleby Investment Highlights Market leader with an unmatched portfolio of marquee brands in a large global industry Extensive diversification across businesses, end-markets, customers, and geographic regions At the forefront of industry innovation in cooking methods and technologies (automated