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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
The Middleby (MIDD) investor relations material
The Middleby M&A Announcement summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.M&A Announcement summary4 Dec, 2025
Deal rationale and strategic fit
Sale of a 51% stake in Residential Kitchen to 26North is part of a strategy to unlock shareholder value and create three focused businesses.
The transaction enables focus on pure-play commercial foodservice and food processing, while Residential Kitchen benefits from 26North's expertise and capital.
The joint venture structure allows for independent growth agendas and capital allocation for each segment.
26North was selected for its industry expertise and history of value creation in partnerships.
Retaining a 49% stake enables continued participation in Residential Kitchen's future upside.
Financial terms and conditions
26North acquires a 51% stake in Residential Kitchen at a $885 million valuation.
Middleby receives $540 million in upfront cash and a $135 million seller note, senior to 26North equity.
The note matures in just over five years with a blended interest rate of about 1%, and may be accelerated.
26North's investment is structured as preferred equity, with deal funding from third-party debt and rollover equity.
Transaction expected to close in Q1 2026, with deconsolidation from financials in Q4 2025.
Synergies and expected cost savings
Minimal dyssynergies are expected due to decentralized structure and independent leadership teams.
Partnership with 26North is expected to drive operational synergies, scale benefits, and investment in quality, service, and innovation.
$15 million in standalone company costs are included for the JV, with some reduction in RemainCo expenses.
Cash proceeds will be used for share repurchases and capital structure optimization.
Prioritize use of $540M cash proceeds
How does pure-play enable higher growth initiatives?
26North's value creation plan for Residential Kitchen
Seller note terms for Residential JV
RemainCo EBITDA margin post-JV and spin impact?
26North's strategy for Resi's non-luxury brands?
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Next The Middleby earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Middleby Corporation designs, manufactures, markets, distributes, and services a range of foodservice and residential kitchen equipment. The company's Commercial Foodservice Equipment Group segment offers ovens, ranges, fryers, rethermalizers; steam cooking equipment; heated cabinets; ventless cooking systems; griddles; professional mixers; custom millwork; professional refrigerators; blast chillers; cold rooms; ice machines; freezers; coffee and beverage dispensing equipment, and IoT solutions. Its Residential Kitchen Equipment Group segment provides ice makers and wine storage products under the Scotsman brand. Middleby Corporation was founded in 1888 and is headquartered in Elgin, Illinois.
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