THE MIDDLEBY CORPORATION

(MIDD)
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Delayed Nasdaq  -  05/20 04:00:01 pm EDT
142.59 USD   +1.85%
05/20Middleby 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 Completes Kamado Joe and Masterbuilt Acquisition, Announces Addition of Char-Griller

12/27/2021 | 04:02pm EDT

Middleby Residential Grows to More Than $1b in Revenues with Recent Outdoor Brand Additions

The Middleby Corporation (NASDAQ: MIDD) has finalized the previously announced acquisition of Masterbuilt Holdings, LLC and their residential outdoor brands Kamado Joe and Masterbuilt. Middleby also has completed the acquisition of Char-Griller, a leader in residential outdoor charcoal and gas cooking products based in Atlanta. Char-Griller has revenues of approximately $150 million in 2021.

“We continue to make strategic acquisitions that strengthen our three industry leading foodservice platforms,” said Tim FitzGerald, Middleby CEO.

“Char-Griller further adds to our product offerings for the outdoor market and the growing number of backyard cooking enthusiasts. With complementary customers and channels of distribution, Char-Griller provides Middleby Residential with added growth opportunities. There are meaningful synergies to leverage supply chain, manufacturing, product development and distribution capabilities,” Mr. FitzGerald commented. “The addition of Kamado Joe, Masterbuilt and Char-Griller outdoor cooking brands expand the revenues of our Middleby Residential platform to more than $1 billion.”

“We are committed to delivering our residential customers products and innovations to support evolving indoor and outdoor kitchen demands. As we continue to realize operating efficiencies across our entire residential portfolio, profitability has steadily increased for the segment. We have also made significant investments in our showrooms, sales and marketing, distribution capabilities, and international footprint that position us for long-term growth at our residential business,” Mr. Fitzgerald concluded.

Information and terms on the acquisition of Kamado Joe and Masterbuilt is available in a press release announcing the transaction on Dec 6. click here

ABOUT THE MIDDLEBY CORPORATION

The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used in the commercial foodservice, food processing, and residential kitchen equipment industries. The company's leading equipment brands serving the commercial foodservice industry include Anets®, APW Wyott®, Bakers Pride®, Beech®, BKI®, Blodgett®, Blodgett Combi®, Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®, Concordia®, CookTek®, Crown®, CTX®, Desmon®, Deutsche Beverage®, Doyon®, Eswood®, EVO®, Firex®, Follett®, frifri®, Globe®, Goldstein®, Holman®, Houno®, IMC®, Imperial®, Induc®, Ink Kegs®, Inline Filling Systems®, Jade®, JoeTap®, Josper®, L2F®, Lang®, Lincat®, MagiKitch’n®, Market Forge®, Marsal®, Meheen®, Middleby Marshall®, MPC®, Nieco®, Nu-Vu®, PerfectFry®, Pitco®, QualServ®, RAM®, Southbend®, Ss Brewtech®, Star®, Starline®, Sveba Dahlen®, Synesso®, Tank®, Taylor®, Thor®, Toastmaster®, TurboChef®, Ultrafryer®, Varimixer®, Wells® Wild Goose® and Wunder-Bar®. The company’s leading equipment brands serving the food processing industry include Alkar®, Armor Inox®, Auto-Bake®, Baker Thermal Solutions®, Burford®, Cozzini®, CV-Tek ®, Danfotech®, Deutsche Process®, Drake®, Glimek®, Hinds-Bock®, Maurer-Atmos®, MP Equipment®, Pacproinc®, RapidPak®, Scanico®, Spooner Vicars®, Stewart Systems®, Thurne® and Ve.Ma.C.®. The company’s leading equipment brands serving the residential kitchen industry include AGA®, AGA Cookshop®, Brava®, Char-Griller®, EVO®, Kamado Joe®, La Cornue®, Leisure Sinks®, Lynx®, Marvel®, Masterbuilt®, Mercury®, Novy®, Rangemaster®, Rayburn®, Redfyre®, Sedona®, Stanley®, TurboChef®, U-Line® and Viking®. For more information about The Middleby Corporation and the company brands, visit middleby.com.


© Business Wire 2021
All news about THE MIDDLEBY CORPORATION
05/20Middleby Board Authorizes Repurchase of Up to Additional 2.5 Million Outstanding Common..
MT
05/19MIDDLEBY CORP : Submission of Matters to a Vote of Security Holders (form 8-K)
AQ
05/16Citigroup Lowers Middleby's Price Target to $180 From $190, Maintains Buy Rating
MT
05/12MIDDLEBY CORP Management's Discussion and Analysis of Financial Condition and Results ..
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05/12Tranche Update on The Middleby Corporation's Equity Buyback Plan announced on November ..
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05/11KeyBanc Adjusts Middleby's Price Target to $182 from $200, Keeps Overweight Rating
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05/10The Middleby Corporation Reports First Quarter Results
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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 17,2x
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 142,59 $
Average target price 190,00 $
Spread / Average Target 33,2%
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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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