American foodservice equipment provider Middleby has signed a definitive agreement to acquire the Standex International’s Cooking Solutions Group (CSG).
The purchase price of Standex’s CSG is $105m in cash. The deal is subject to post-closing adjustments and customary conditions, including regulatory approvals.
A part of Standex’s Food Service Equipment Group, CSG includes brands such as Bakers Pride, Tri-Star, APW Wyott, BKI and Ultrafryer. It caters directly and through dealers and distributors in foodservice, supermarket and convenience store end markets.
CSG posted net revenues of $97.9m in 2018, which represents about 25% of FSEG segment net revenues or 10% of the company’s fiscal 2018 sales.
Since the first quarter of the fiscal year 2019, the CSG business has been regarded as a discontinued operation for financial reporting purposes.
Middleby Corporation CEO Tim FitzGerald said: “This acquisition adds to the product portfolio and expands the customers and markets which Middleby serves.
“BKI has a strong presence in the retail segment, a market in which Middleby has historically had limited representation, providing for a complementary fit and growth opportunities within this customer segment, which can extend to other Middleby products.
“Ultrafryer’s unique high-efficiency and high-capacity frying technology broadens our product offerings and expands our customer opportunity.
“The APW and Bakers Pride brands also further extend and complement our existing portfolio of cooking products, and bring a new manufacturing footprint for Middleby in Mexico to better serve Latin America.”
Last month, Middleby purchased EVO America, a manufacturer of ventless cooking equipment.