ELGIN, Ill.--(BUSINESS WIRE)--Dec. 31, 2012--
The Middleby Corporation (NASDAQ: MIDD) today announced the acquisition
of Viking Range Corporation (“Viking”) for $380 million in cash.
Viking is a leading manufacturer of premium residential cooking ranges,
ovens and kitchen appliances. Headquartered in Greenwood, Mississippi,
Viking has approximately $200 million in annual revenues.
“This acquisition strategically positions Middleby as a leading
manufacturer in the sector with a top brand,” said Selim A. Bassoul,
Chairman and CEO of the Middleby Corporation. “The acquisition of Viking
allows us to integrate our own patented technologies that will have a
huge appeal to consumers for their residential kitchens. These
technologies include speed cooking, induction and truvection.”
Bassoul also highlights the synergies between the current Middleby
brands TurboChef, Jade and MagiKitch’n, all of which have residential
platforms that will integrate well with Viking. “We are combining
leading commercial cooking companies with a leading residential cooking
company. We are so excited to take what we’ve learned from the
professional chef and bring it to the residential chef,” he continued.
“Together we have deep experience in the design and manufacture of
ranges, ovens and cooktops, and through combined efforts we will be able
to achieve meaningful cost reductions and production efficiencies, while
improving the design and performance of the ranges and ovens,” Bassoul
added.
“Our goal is to expand this new residential platform using the same
strategy in which we have successfully developed our commercial
foodservice and food processing businesses,” Bassoul continued. “This
expansion would include growth through future acquisitions, new product
introductions and leveraging the current Middleby global sales, service
and distribution infrastructure to introduce Viking products in emerging
markets.”
Conference Call
A conference call has been scheduled for 10:30 a.m. ET on January 2,
2013 to discuss the Viking acquisition. Participants are asked to dial
(866) 200-6965 and enter PIN 78860019#. Materials related to the
acquisition will be posted to the Middleby website at www.middleby.com
in advance of the call.
A playback will be available approximately one hour after the call by
dialing 1-866-206-0173 and entering 278901#.
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 for commercial food cooking, preparation
and processing. The company's leading equipment brands serving the
commercial foodservice industry include Anets®, Beech®, Blodgett®,
Blodgett Combi®, Blodgett Range®, Bloomfield®, Britannia®, Carter
Hoffmann®, CookTek®, CTX®, Doyon®, frifri®, Giga®, Holman®, Houno®,
IMC®, Jade®, Lang®, Lincat®, MagiKitch'n®, Middleby Marshall®, Nieco®,
Nu-Vu®, PerfectFry®, Pitco Frialator®, Southbend®, Star®, Toastmaster®,
TurboChef® and Wells®. The company’s leading equipment brands serving
the food processing industry include Alkar®, Armor Inox®, Auto-Bake®,
Baker Thermal Solutions® (formerly known as Turkington), Cozzini®,
Danfotech®, Drake®, Maurer-Atmos®, MP Equipment® RapidPak® and Stewart®.
The company’s leading brands serving the residential kitchen market
include Jade®, Turbochef®, and Viking®. The Middleby Corporation has
been recognized by Forbes Magazine as one of the Best Small Companies
every year since 2005, most recently in October 2012.
For more information about The Middleby Corporation and the company
brands, please visit www.middleby.com
Source: The Middleby Corporation
The Middleby Corporation
Darcy Bretz, (847) 429-7756
or
Tim
FitzGerald, (847) 429-7744
