THE MIDDLEBY CORPORATION

(MIDD)
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Delayed Nasdaq  -  05/20 04:00:01 pm EDT
142.59 USD   +1.85%
05:58aMiddleby Board Authorizes Repurchase of Up to Additional 2.5 Million Outstanding Common Shares
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05/19MIDDLEBY CORP : Submission of Matters to a Vote of Security Holders (form 8-K)
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05/16Citigroup Lowers Middleby's Price Target to $180 From $190, Maintains Buy Rating
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Middleby : Agrees to Acquire Kamado J...

12/06/2021 | 02:22pm EDT

Acquisitions

Dec. 6, 2021

The Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Masterbuilt Holdings LLC, a leader in outdoor residential cooking under the Kamado Joe and Masterbuilt brands with an estimated $250 million in net sales for 2021.

Headquartered in the Atlanta area, the brands are known for their outdoor residential products designed for cooking with charcoal. The purchase price of $385 million will be funded in cash and financed under Middleby's existing senior credit facility. The transaction is expected to close in December 2021, subject to completion of closing conditions.

"The residential outdoor market has gained momentum over the past few years as consumers are spending more time in the backyard. The addition of Kamado Joe and Masterbuilt expands our offerings in this large and growing category, complementing our Lynx, Viking, Josper and EVO residential outdoor
cooking brands," said Tim FitzGerald, Middleby CEO. "Consumers are seeking products to enhance and simplify the backyard grilling experience. The Kamado Joe and Masterbuilt brands have grown rapidly as the company's new products have been adopted by the next generation of outdoor enthusiasts. Charcoal as an energy source for cooking continues to gain popularity due to its flavor profile, availability, and affordability. Kamado Joe and Masterbuilt are well positioned to capture the charcoal trend."

"We are excited about the strategic fit of this acquisition, as it enhances our presence in the outdoor cooking category and expands our residential business," Mr. FitzGerald continued. "The combination provides for further growth opportunities at Kamado Joe and Masterbuilt, as we accelerate product
innovation, expand distribution, and leverage shared manufacturing and supply chain capabilities."

Since its inception in 1973, Kamado Joe and Masterbuilt have been pioneers in outdoor cooking applications. Today the company focuses on innovative alternative fuel products as part of their indemand premium offerings. The business will be acquired from Dominus Capital.

A presentation to accompany this announcement is available on the investor home page of middleby.com. For information on Masterbuilt visit masterbuilt.com and for information on Kamado Joe visit kamadojoe.com.

Disclaimer

The Middleby Corporation published this content on 06 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 December 2021 19:21:05 UTC.


© Publicnow 2021
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Financials (USD)
Sales 2022 4 089 M - -
Net income 2022 447 M - -
Net Debt 2022 2 031 M - -
P/E ratio 2022 16,9x
Yield 2022 -
Capitalization 7 755 M 7 755 M -
EV / Sales 2022 2,39x
EV / Sales 2023 2,18x
Nbr of Employees 10 624
Free-Float 85,4%
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Number of Analysts 9
Last Close Price 140,00 $
Average target price 190,00 $
Spread / Average Target 35,7%
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Managers and Directors
Timothy John Fitzgerald Vice President & Controller
Bryan E. Mittelman CFO & Principal Accounting Officer
Gordon Jude O'Brien Chairman
James K. Pool Chief Operating & Technology Officer
Martin Mckay Lindsay Secretary, Treasurer & Chief Risk Officer
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