In releasing their Q4 2023 earnings today, Middleby made the announcement that they’re bringing a cooking brand to the United States. That brand is Josper, and they make high quality Spanish charcoal ovens for commercial kitchens and residential outdoor cooking.
Middleby will be in attendance of the Kitchen and Bath Industry Show in Las Vegas at the end of the month. At the event they’ll showcase Josper, amongst other innovations they’ve been working on.
About Charcoal Ovens
While charcoal ovens aren’t as well known in the United States, they’re more prevalent in Europe and in commercial kitchens. Other brands in the space include the Charlie Oven and Keveri.
In principal, they work similar to a ceramic cooker. Charcoal is loaded in the bottom of the oven, then the thick metal cabinet retains heat, which is used to keep temperature and do the cooking. The hot coals at the bottom do the part of adding extra flavor.
The ovens vent out of the top, and pull air in from the bottom. Temperature is regulated by adjusting the vents. The cabinet build makes them easy to work with because the racks can easily be adjusted based on space and distance to the charcoal bed. Also, it’s easy to access the coals to add more, if needed.
They’re versatile and can cook anything other smokers, grills, or ovens can cook. They can even cook pizzas by using a pizza stone.
Opportunity for Middleby
Middleby was asked about the addressable market or opportunity associated with bringing Josper to the USA. They didn’t directly answer the market size, but said it wouldn’t have much impact on their financials.
you probably know that we don’t often quote a lot of TAM numbers out there. I mean, the Josper is an amazing product. It is certainly a very premium product for us. So, we’re excited about what it can do, but by itself, it probably is not large needle-moving.
Tim Fitzgerald, CEO of Middleby