Wednesday, July 15, 2015

The Middleby Corporation to Acquire AGA Rangemaster Group plc

The Middleby Corporation to Acquire AGA Rangemaster Group plc
July 15, 2015 (Elgin, Ill.) – The Middleby Corporation (NASDAQ: MIDD) announced today the terms of a recommended cash acquisition of AGA Rangemaster Group plc (“AGA”) for £1.85 per share. The proposed transaction represents an equity value of approximately £129.2 million GBP or approximately $200 million USD.


AGA is a leading manufacturer of residential kitchen equipment including ranges, ovens and refrigeration. The AGA portfolio of premium brands in the kitchen appliance sector includes AGA, Rangemaster, Mercury, Falcon, Marvel, Stanley and La Cornue. Headquartered in Leamington SPA (U.K.), AGA has approximately $400 million in annual revenues and more than 2,500 employees worldwide.


“The addition of AGA’s world class brands, product range and manufacturing capability to our existing portfolio will further strengthen Middleby’s global reach and enhance our position as a leader in the premium segment for residential kitchen equipment,” said Selim A. Bassoul, Chairman and Chief Executive Officer of The Middleby Corporation. “We believe this transaction will provide meaningful synergies as we build upon the combined strengths both Middleby and AGA. 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.”


On a GAAP reported basis, Middleby estimates the acquisition to be accretive to 2016 earnings.


It is intended the acquisition will be implemented by means of a Court sanctioned scheme of arrangement (“Scheme”) under part 26 of the UK Companies Act 2006. The acquisition is conditional on, among other things the approval of AGA shareholders. The transaction is expected to close in the third quarter, subject to customary closing conditions and regulatory approvals.


Middleby will finance the transaction under its current $1.0 billion revolving credit facility.


Morgan Stanley acted as the financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP was the legal advisor to Middleby on the transaction.


More information on the AGA Rangemaster Group plc, please visit www.agarangemaster.com


Conference Call


A conference call has been scheduled for 12:30 pm ET/11:30 am CT on July 15, 2015 to discuss the AGA acquisition. Participants can access the call and materials at www.middleby.com under the Investor Relations tab or dial (877) 303-6993 from the U.S. or (760) 666-3611 from locations outside of the U.S. and enter PIN 85341950#. 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 (404) 537-3406 and entering 85341950#.


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, 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


Contact: Darcy Bretz (847) 429-7756


Tim FitzGerald (847) 429-7744

Monday, June 1, 2015

The Middleby Corporation Acquires Induc Commercial Electronics Co., Ltd.

Elgin, Ill. (June 1, 2015) –The Middleby Corporation (NASDAQ: MIDD) today announced it has acquired the assets of Induc Commercial Electronics Co. Ltd. (“Induc”), a leading manufacturer of induction cooking equipment for the commercial foodservice industry. Based in Qingdoa, China, Induc has annual revenues of approximately $10 million.

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Wednesday, May 13, 2015

The Middleby Corporation Reports First Quarter Results

Elgin, IL, May 13, 2015 – The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the first quarter ended April 4, 2015. Net earnings for the first quarter were $38,231,000 or $0.67 diluted earnings per share on net sales of $406,596,000 as compared to the prior year first quarter net earnings of $33,445,000 or $0.59 diluted earnings per share on net sales of $372,478,000.

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Monday, May 11, 2015

The Middleby Corporation Schedules First Quarter Earnings Release and Conference Call

Elgin, Ill. (BUSINESS WIRE) – May 11, 2015– The Middleby Corporation (NASDAQ:MIDD) today announced it will release 2015 first quarter earnings on Wednesday, May 13 after the market closes. The company has scheduled a conference call to discuss the results at 11 a.m. Eastern Time/10 a.m. Central Time on Thursday, May 14. The call can be accessed by dialing (888) 391-6937 and entering conference code 46019511. The conference call is also accessible through the Investor Relations section of the company website at www.middleby.com.

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Tuesday, March 31, 2015

Middleby CEO Selim Bassoul to be Keynote Speaker at Chicago Urban League 2015 Summit Luncheon

ELGIN, Ill. (March 31, 2015)—Selim A. Bassoul, chairman and CEO of The Middleby Corporation will be the keynote speaker at the Chicago Urban League 2015 SUMMIT Luncheon. The luncheon, themed Transformational Change: Igniting the Entrepreneurial Spirit, will be held on Thursday, April 30 at the Hilton Chicago.

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Tuesday, March 3, 2015

The Middleby Corporation Reports Fourth Quarter and Full Year Results

Elgin, IL, March 3, 2015 – The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the fourth quarter and full fiscal year ended January 3, 2015. Net earnings for the fourth quarter were $51,749,000 or $0.91 diluted earnings per share on net sales of $434,995,000 as compared to the prior year fourth quarter net earnings of $49,921,000 or $0.87 diluted earnings per share on net sales of $377,420,000. Net earnings for the fiscal year ended January 3, 2015 were $193,312,000 or $3.40 diluted earnings per share on net sales of $1,636,538,000 as compared to net earnings of $153,928,000 or $2.74 diluted earnings per share on net sales of $1,428,685,000 in the prior year.

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Monday, March 2, 2015

The Middleby Corporation Schedules Fourth Quarter Earnings Release and Conference Call

Elgin, Ill. (BUSINESS WIRE) – March 2, 2015 – The Middleby Corporation (NASDAQ:MIDD) today announced it will release 2014 fourth quarter earnings on Tuesday, March 3 after the market closes. The company has scheduled a conference call to discuss the results at 10:30 a.m. Eastern Time/9:30 a.m. Central Time on Wednesday, March 4. The call can be accessed by dialing (888) 391-6937 and entering conference code 94579228. The conference call is also accessible through the Investor Relations section of the company website at www.middleby.com.

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