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July 1, 2022

Middleby acquires South Korea’s Icetro to grow beverage business

The deal will expand Middleby’s offerings in ice, adding a selection of cubed and flaked machines.

American foodservice equipment provider Middleby has acquired Icetro, a manufacturer of ice, soft serve and slush machines for the global commercial foodservice industry.

Financial details of the deal have not been disclosed by either company.

Headquartered in South Korea, Icetro boasts annual sales of approximately $40m. The company’s US operations are based in Anaheim, California.

Middleby manufactures a wide range of equipment solutions used in commercial foodservice, food processing and residential kitchens

This deal is expected to further increase Middleby’s beverage brands portfolio, as Icetro machines are accepted by various regional and global chain customers

Middleby CEO Tim FitzGerald said: “Icetro expands our offerings in ice, adding a selection of cubed and flaked machines, while their soft serve and slush machines enhance our existing product lines with a collection of countertop equipment.

“Icetro soft-serve technology has heat-treat pasteurisation capabilities, addressing food safety issues while reducing cleaning and labour requirements.

“Icetro has a modern, state-of-the-art production facility with rigorous quality standards. This acquisition furthers our Asian manufacturing capabilities and provides us with local solutions to support our customers expanding in international markets.”

Last April, Middleby planned to expand its commercial foodservice platform by acquiring Welbilt in an all-stock transaction valued at $2.9bn.

However, the deal failed when Italian foodservice equipment manufacturer Ali Group offered a higher price.            

Middleby affirmed that it would not increase its offer to acquire Welbilt, and Ali Group signed a definitive merger agreement to acquire the company for $4.8bn last July.

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