Global foodservice equipment provider The Middleby has agreed to buy US-based cooking solutions manufacturer Taylor from United Technologies in a deal valued at $1bn.
Taylor is a commercial foodservice equipment maker of beverage solutions, soft serve and ice cream dispensing equipment, frozen drink machines, and automated double-sided grills.
Under the terms of a definitive agreement, the acquisition will be funded using Middleby’s existing revolving credit facility.
Middleby chairman and CEO Selim A. Bassoul said: “The acquisition of Taylor is highly strategic for Middleby and bolsters Middleby’s overall position as an industry leader in commercial foodservice.
“Taylor is a unique and premium brand in the commercial foodservice industry with leading positions in beverage, frozen dessert and grilling that are highly complementary to our existing offerings.
“Taylor products are well represented across the top restaurant chains and have a significant presence across all foodservice segments including quick serve, casual dining, retail, convenience stores, and institutional foodservice establishments. The acquisition further deepens our presence in these categories and with existing customers for new offerings in the kitchen.”
As part of the transaction, the Taylor management team and employees will join the Middleby group of companies.
The team will continue to lead the Taylor business, which will operate from its existing facilities in Rockton, Illinois.
Last year, Taylor reported revenues of approximately $315m and $65m of adjusted earnings before interest, taxes and depreciation (EBITDA).
The transaction is expected to conclude early in the third quarter of this year following the receipt of regulatory approvals and satisfying customary closing conditions.
In April this year, Middleby acquired Josper, a manufacturer of charcoal grill and oven cooking equipment for commercial foodservice in Spain.