MIDDLEBY Corp (MIDD)

The Middleby Corporation, operating through its subsidiary Middleby Marshall Inc., designs, manufactures, markets, distributes and services a broad line of equipment across three segments: Commercial Foodservice Equipment, Food Processing Equipment and Residential Kitchen Equipment. Founded in 1888 as a baking oven manufacturer, the company has built its position through acquisitions of leading brands and new product introductions, including eighteen acquisitions over the past two years for about $397.5 million, net of cash acquired. The Commercial Foodservice Equipment Group sells under seventy-three brands, including Blodgett, Pitco, Taylor, TurboChef, Lincat, Follett and Star.

Its products serve cooking, warming, holding, refrigeration, freezing and beverage needs. They include ovens of many types, ranges, fryers, steam cooking and food warming equipment, charbroilers, ventless cooking and ventilation systems, induction and countertop cooking, griddles, mixers, refrigerators, blast chillers, ice machines, freezers, soft serve, coffee and beverage dispensing, craft brewing equipment, bottle filling and canning equipment, IoT solutions and controls. Customers include quick-service, fast casual and full-service restaurants, ghost kitchens, convenience stores, supermarkets, hotels, schools, hospitals and other institutions.

Sales are made mainly through independent dealers and distributors, direct sales to large chains, and a network of representatives in the U.S. and over 100 countries, supported by Middleby Innovation Kitchens in Dallas and Spain. The Food Processing Equipment Group, with twenty-eight brands such as Alkar, Cozzini, Thurne, Stewart Systems, Escher and Baker Thermal Solutions, serves producers of protein products (bacon, sausages, hot dogs, poultry, lunchmeats) and bakery goods (muffins, cookies, crackers, bread, buns). It offers cooking, baking, proofing, frying and thermal processing systems, along with preparation, slicing, packaging, automation, sanitation, freezing and food safety equipment, and can integrate full processing lines.

It sells through a direct, consultative sales force and global sales offices, supported by Protein and Bakery Innovation Centers in Chicago, Dallas and India. The Residential Kitchen Equipment Group, with twenty-four brands including Viking, La Cornue, AGA, Rangemaster, Lynx, Marvel, U-Line, Kamado Joe and Masterbuilt, makes ranges, cookers, cooktops, ovens, microwaves, refrigerators, dishwashers, wine cellars, ventilation and outdoor cooking equipment for high-end residential kitchens. It sells through distributors, dealers, designers, select online retailers and home builders, plus company-owned distribution operations and showrooms in Chicago, New York City, Orange County and Dallas.

The company provides installation, after-sales service and typically one-year product warranties through authorized service networks, and no single customer exceeds 10% of net sales. Backlogs at December 30, 2023 were $395.2 million for commercial foodservice, $250.4 million for food processing and $112.1 million for residential. The company competes with firms such as Ali Group, Welbilt, Rational, Marel, GEA, JBT, Provisur, Whirlpool, Electrolux and Sub-Zero.

It manufactures in twenty-four domestic and twenty international commercial foodservice facilities and thirteen domestic and ten international food processing facilities.