On
Friday, August 31, The Middleby Corporation announced that it has agreed to
purchase Maytag Corporation’s Blodgett commercial cooking equipment line.
Middleby is a world leader in commercial cooking equipment. Its brands include Middleby Marshall, Toastmaster, Southbend and CTX. The company has offices in eight countries, and manufacturing facilities in Illinois, North Carolina, and the Philippines.
The
Blodgett line includes the Blodgett, Pitco, MagiKitch’n and Blodgett Combi
brands. Blodgett operates manufacturing centers in Vermont and New Hampshire,
and has nearly 700 employees.
Middleby
has agreed to pay $95 million for the acquisition. Of this sum, $80 million will
be paid in cash and $15 million in a note.
Four
years ago, Maytag purchased Blodgett for $148 million. Last year, Blodgett’s
net sales were approximately $135 million.
“With
this acquisition, we become Number 1 or 2 in every area of the cooking-product
business that we cover,” said Middleby Chief Financial Officer David Baker.
“Middleby’s conveyor ovens and toasters are the top sellers to restaurants
among all competing brands. Likewise, Blodgett is the top seller in convection
ovens and other products.”
According
to Selim Bassoul, Middleby President and CEO, “This transaction will
immediately double the size of our company, and we see significant opportunities
to further strengthen the combined business. The broad line of products
resulting from the acquisition, combined with the strength of Middleby’s
existing global sales and distribution infrastructure, will position Middleby as
the leading cooking equipment supplier in the foodservice industry.”
The acquisition is expected to be completed by the end of the year, and is subject to regulatory approval. Additional details on the purchase are provided in the official press release. Click here to view the official press release.