The Middleby Corp. has struck a deal to buy Welbilt, Inc. The all-stock transaction will bring together two complementary businesses, accelerate the Middleby growth strategy into key markets globally and increase core capabilities in highly attractive segments.
The combined company will have approximately $3.7 billion in combined 2020 sales, 73% of which will come from the Commercial Foodservice segment.
Middleby will be well positioned and capitalized to support significant R&D and future acquisition opportunities. Middleby has completed over 20 acquisitions since 2018, and has a history of driving efficiencies in acquired companies.
Creates a broad Commercial Foodservice Equipment platform with enhanced ability to serve customers through complementary portfolios with leading brands and broad geographic footprint
Strengthens customer value proposition across hot-side, cold-side, beverage, technology and aftermarket support services across the globe
Transaction accelerates R&D and investment into the value-added technologies and services of the future, including ventless cooking, controls, automation and connectivity
The transaction is expected to close in late 2021. A full release detailing the acquisition is available here.