The Middleby Corporation

Founded in 1888 by Joseph Middleby and John Marshall and based in Illinois, US, The Middleby Corporation operates as a manufacturer and supplier of cooking and food preparation equipment for the foodservice industry. In December 2025, 26North Partners agreed to acquire a 51% majority stake in The Middleby Corporation's residential kitchen business from The Middleby Corporation for approximately USD 540 million in cash and USD 135 million seller note to be provided to the joint venture. As part of the transaction, The Middleby Corporation will own a 49% minority shareholding in the new standalone joint venture. Middleby offers an extensive range of products across three segments: Commercial Foodservice, featuring conveyor ovens, fryers, combi ovens, induction systems, beverage dispensers, and IoT-enabled kitchen solutions; Residential, with premium appliances under brands like Viking, AGA, La Cornue, Lynx, and Kamado Joe, including ranges, ovens, refrigeration, and outdoor cooking equipment; and Food Processing, delivering industrial baking systems, meat processing equipment, and packaging solutions for high-volume operations.

Middleby generates revenue through three core segments: Commercial Foodservice Equipment, providing solutions for restaurants, hotels, and institutional kitchens; Residential Kitchen Equipment, offering luxury appliances for home chefs and outdoor enthusiasts; and Food Processing Equipment, delivering large-scale systems for bakery and protein processing industries. These segments collectively drive the company’s global operations and growth. This transaction enables Middleby to partially monetize the Residential Kitchen business at an attractive valuation and provides significant upfront cash proceeds to invest in shareholder return and growth initiatives, while enabling Middleby to participate in Residential Kitchen’s upside potential. Middleby will retain a noncontrolling common equity stake in the standalone Residential Kitchen business.