ELGIN, Ill.--(BUSINESS WIRE)--Sep. 29, 2015--
The Middleby Corporation (NASDAQ:MIDD) today announced the completion of
the acquisition of AGA Rangemaster Group plc (“AGA”) consistent with the
previously disclosed terms of £1.85 per share or £129.2 million GBP, or
approximately $200 million USD.
“We are pleased to add this family of first-class residential brands to
the Middleby portfolio. The addition of the AGA premiere brands, product
ranges and manufacturing capabilities will enhance the Middleby global
presence and strengthen our leadership position in the premium
residential kitchen equipment segment,” said Selim A. Bassoul, Chairman
and Chief Executive Officer of The Middleby Corporation. “We will
leverage the existing sales, service and manufacturing capabilities of
AGA with the Middleby market expertise, product innovation and well
established global distribution network. There are many synergies
between AGA and Middleby which will be highly beneficial to both
companies.”
“AGA is a leading manufacturer of residential kitchen equipment
including ranges, ovens and refrigeration which are well known for
style, quality and reliability,” continued Bassoul. “The AGA portfolio
of premium brands in the kitchen appliance sector includes AGA,
Rangemaster, Mercury, Falcon, Marvel, Stanley and La Cornue.”
AGA is headquartered in Leamington SPA (U.K.) and has approximately $400
million in annual revenues with more than 2,500 employees worldwide. On
a GAAP reported basis, Middleby estimates the acquisition to be
accretive to 2016 earnings.
More information on AGA is available in a July presentation posted in
the investor section of the Middleby website at www.middleby.com
or on the AGA website www.agarangemaster.com.
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®, Beech®, Blodgett®, Blodgett Combi®, Blodgett Range®,
Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®, Concordia®,
CookTek®, CTX®, Desmon®, Doyon®, Eswood®, frifri®, Giga®, Goldstein® ,
Holman®, Houno®, IMC®, Induc®, Jade®, Lang®, Lincat®, MagiKitch'n®,
Market Forge®, Marsal®, Middleby Marshall®, MPC©, Nieco®, NuVu®,
PerfectFry®, Pitco Frialator®, Southbend®, Star®, Toastmaster®,
TurboChef®, Viking®, Wells® and Wunder-Bar®. The company’s leading
equipment brands serving the food processing industry include Alkar®,
Armor Inox®, Auto-Bake®, Baker Thermal Solutions®, Cozzini®, Danfotech®,
Drake®, MaurerAtmos®, MP Equipment®, Processing Equipment Solutions®,
RapidPak®, Spooner Vicars®, Stewart Systems® and Thurne®. The company’s
leading equipment brands serving the residential kitchen industry
include Brigade®, Jade®, TurboChef®, Viking® and U-Line®. In 2014 and
2015, The Middleby Corporation was named a Fastest Growing Company by
Fortune Magazine.
For more information about The Middleby Corporation and the company
brands, please visit www.middleby.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150929005733/en/
Source: The Middleby Corporation
The Middleby Corporation
Darcy Bretz, 847-429-7756
