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The Middleby Corporation (NASDAQ: MIDD) announced that they have finalized the acquisition of Masterbuilt Holdings, LLC for $385 million in cash. Their residential outdoor brands include Kamado Joe and Masterbuilt. Middleby also has completed the acquisition of Char-Griller, a leader in outdoor cooking products based in Atlanta. Char-Griller has revenues of approximately $150 million in 2021. The acquisitions contributed to growth in Middleby Residential to more than $1 billion in revenue.
From the press release on the acquisitions, Tim Fitzgerald, Middleby CEO commented “We continue to make strategic acquisitions that strengthen our three industry leading foodservice platforms,”.
“Char-Griller further adds to our product offerings for the outdoor market and the growing number of backyard cooking enthusiasts. With complementary customers and channels of distribution, Char-Griller provides Middleby Residential with added growth opportunities. There are meaningful synergies to leverage supply chain, manufacturing, product development and distribution capabilities,” Mr. FitzGerald commented. “The addition of Kamado Joe, Masterbuilt and Char-Griller outdoor cooking brands expand the revenues of our Middleby Residential platform to more than $1 billion.”
“We are committed to delivering our residential customers products and innovations to support evolving indoor and outdoor kitchen demands. As we continue to realize operating efficiencies across our entire residential portfolio, profitability has steadily increased for the segment. We have also made significant investments in our showrooms, sales and marketing, distribution capabilities, and international footprint that position us for long-term growth at our residential business,” Mr. Fitzgerald concluded.
The acquisitions of Kamado Joe, Masterbuilt and Char-Griller will help Middleby capture more market share of the fast growing, outdoor cooking industry. They will also join other recently public grill, smoker and outdoor cooking companies such as Traeger, Weber, Solo Brands and Grilla Grills.