Middleby Corporation To Acquire Standex Cooking Solutions Group

Feb. 27, 2019
The Middleby Corporation (NASDAQ: MIDD) today announced that it has entered into a definitive agreement to acquire from Standex International Corporation (NYSE: SXI) its Cooking Solutions Group, which consists of the well-known brands APW Wyott®, Bakers Pride®, BKI® and Ultrafryer®. In 2018, the Standex Cooking Solutions Group had revenues of approximately $100 million. The transaction completion is subject to customary closing conditions

“The Standex cooking brands are well recognized and respected in the foodservice industry. This acquisition adds to the product portfolio and expands the customers and markets which Middleby serves. BKI has a strong presence in the retail segment, a market in which Middleby has historically had limited representation, providing for a complementary fit and growth opportunities within this customer segment which can extend to other Middleby products. Ultrafryer’s unique high efficiency and high capacity frying technology broadens our product offerings and expands our customer opportunity,” said Tim FitzGerald, CEO of The Middleby Corporation. “The APW and Bakers Pride brands also further extend and complement our existing portfolio of cooking products, and bring a new manufacturing footprint for Middleby in Mexico to better serve Latin America.”

Based in Allen, Texas, Standex Cooking Solutions Group has six locations, the Group headquarters, three manufacturing sites and two distribution centers. Products include combination and convection ovens, fryers, ranges, food merchandisers and warmers.