Middleby Corporation

The Middleby Corporation, also known as Middleby Corp., is an American publicly traded commercial and residential cooking and industrial process equipment company based in Elgin, Illinois. The company manufactures commercial cooking equipment, industrial processing equipment, and residential appliances. The commercial cooking equipment side of Middleby does business with 97 out of the top 100 food service chains in the United States and internationally.[6][7]

The Middleby Corporation
TypePublic
IndustryCommercial Cooking Equipment
PredecessorMiddleby Marshall Inc.
Founded1888 
Headquarters
Elgin, Illinois
,
U.S.[1][2]
Area served
International
Key people
Timothy FitzGerald, CEO[3]
Bryan Mittelman, CFO[3]
David Brewer, COO[3]
Martin M. Lindsay, Treasurer[3]
RevenueUS$2.722 billion (2018)[4]
US$317.15 million (2018)[4]
Number of employees
9,778[5]
Websitemiddleby.com

Company history

The company was founded by Joseph Middleby and John Marshall in Chicago in 1888 as a bakery supplier. The company made custom portable ovens for the bakery industry. Middleby sold the company to Marshall in the early 1900s.[6] The company was privately held by descendants of Marshall until it was purchased by a private company in 1976.[6] The company was purchased by TMC Industries Ltd. in 1983 and changed its name to The Middleby Corporation in 1985 and moved its headquarters to Elgin, Illinois in the late 1980s.[6]

By 1996, the company had expanded its manufacturing base overseas and had opened a manufacturing and training facility employing 190 in Santa Rosa, Laguna, the Philippines.[8]

By 2006, the company had successfully streamlined operations to an extent allowing them to close two of its seven manufacturing facilities in the United States with no loss of product lines or capacity; this was in addition to three facilities shut down in 2001 and 2002.[9] Also in the 2001 to 2006 period, the company's income yield from sales increased from about 3% to just over 10%, while its stock valuation increased by over 15-fold,[9][note 1] performance gains which were attributed to CEO Bassoul.[10]

The Middleby Corporation was originally available for purchase on the NASDAQ over-the-counter market and became listed on the American Stock Exchange in 1988. Its first public offering came in September 1997 with a share price offering of $10 on the NASDAQ. Selim Bassoul became the CEO of Middleby in January 2001.[10]

Notable acquisitions

Middleby has acquired numerous businesses in the US and internationally.[6] In 1990, Middleby acquired a majority stake in Asbury Associates Inc., a Filipino manufacturer of food service equipment.[11] It increased its interest to 80% by 1991 and became the company's main export distributor internationally with the exception of Canada where Middleby already owned a distributor.[12] The same year, it established Fab-Asia, Inc., a separate unit in Manila for manufacturing of kitchen equipment for markets in Asia and the United States.[6]

Middleby initiated assimilation of MagiKitch'n brands in 2010 to their commercial appliance line.[13]

Middleby purchased TurboChef in 2008 in a deal reported to be worth $200 million.[14] It was reported by Bassoul that the purchase would strengthen the company's position as a leader in the food service equipment industry.[14] Both companies were previously competitors in food service equipment for speed cooking pizza ovens.[15]

In 2013, The Middleby Corporation purchased Viking Range for US$380 million from investors Warren Stephens and Fred Carl, Jr., the latter of whom would continue at the helm of the new subsidiary.[1][16] Middleby announced that it would incorporate its technology into Viking equipment and increase residential sales, which were approximately 1% to 2% of the company's overall sales prior to the purchase.[16] The acquisition was said to be the largest in the company's history,[10] bringing 750 employees into the company.[1]

In July 2015, Aga Rangemaster Group, the British manufacturer of cast-iron cooking ranges was acquired for £129m million.[17]

In May 2018, Taylor Company, a manufacturer of ice cream dispensing equipment and frozen drink machines was acquired for $1 billion.[18]

Products and brands

Commercial cooking and refrigeration
  • Anets
  • APW Wyott[19]
  • Bakers Pride[19]
  • Beech
  • BKI[19]
  • Blodgett[20]
  • Bloomfield
  • Britannia
  • Carter Hoffmann
  • Celfrost
  • Concordia
  • CookTek
  • Crown
  • CTX (specialized in conveyor ovens)[9]
  • Desmon
  • Doyon
  • Eswood
  • EVO America
  • Firex
  • FriFri
  • Follett
  • Giga
  • Globe
  • Goldstein
  • Holman
  • Houno
  • IMC
  • Jade
  • JoeTap
  • Josper
  • Lab2Fab
  • Lang
  • Lincat
  • Magic Kitch'n[20]
  • Market Forge
  • Marsal
  • Marvel Scientific
  • Middleby Marshall (specialized in conveyor ovens)[9]
  • Nieco
  • NuVu (or Nu-Vu)[9]
  • Perfect Fry
  • Pitco[20]
  • Qualserv
  • Southbend[20]
  • SS Brewtech
  • Star
  • Sveba Dahlen
  • Taylor Company[18]
  • Toastmaster[9]
  • Turbochef
  • U-Line Commercial
  • Ultrafryer[19]
  • Varimixer
  • Wells
  • Wunder-Bar

Industrial processing
  • Alkar
  • Armor Inox
  • Auto-Bake
  • Baker
  • Cozzini
  • CVP Systems [21]
  • Danfotech
  • Drake
  • Maurer-Atmos
  • MP Equipment
  • RapidPak
  • Spooner Vicars
  • Stewart
  • Thurne

Residential

Former brands
  • Victory Refrigeration: a former subsidiary and brand engaged in development of refrigeration technology; sold in 1996 to "an investor group led by local management" of the subsidiary.[24]

Awards and recognition

Middleby has received awards and recognition, including numerous supplier awards. In 2013 it was recognized as the Supplier Partner of the Year by Brinker International,[25] after installing approximately 1,200 ovens in the company's Chili's restaurants.[26] It was recognized as one of the best stocks of the millennium by The Motley Fool[27] and featured as a hot growth company in BusinessWeek.[28]

Middleby has been on the Forbes' list of 200 Best Small Companies numerous times, including being listed as #12 in 2004,[29] #10 in 2005,[30] #9 in 2006,[20] and continuing 9 consecutive years receiving recognition as #25 on the list in 2012.[31] The United States Department of Commerce recognized Middleby in 1997 with the President's "E" Award. The award was given to a total of 11 firms in the United States for recognition of their success in exporting.[32] It was recognized again for its exporting in 2001 as a recipient of the Governor's Export Award presented by then Illinois Governor George Ryan.[33]

Middleby made the Crain's Chicago Business Fast 50 list in 2013,[34] also being recognized on the list in 2007[35] and 2009.[36] It received a NRA Kitchen Innovations Award in 2013 for its WOW! Ovens, currently in use by the top nine pizza chains.[37] It was also featured in the 2011 book Innovating...Chicago-style: How Local Innovators Are Building the National Economy.[38]

Notes
  1. 3% figure based on $3.5 million in income on $127 million in sales; 10% figure based on $31.3 million in income om $304.9 million in sales; 15-fold figure based on increase from $6 to $100 per share.

References
  1. Mikus, Kim (2 January 2013). "Elgin's Middleby Corp. acquired Viking Range". Daily Herald. Arlington Heights, Illinois: Paddock Publications. Retrieved 19 November 2013.
  2. "Contact Us - The Middleby Corporation". www.middleby.com.
  3. "Middleby Corp (MIDD.O)". Reuters. Retrieved 11 August 2019.
  4. "MIDD Company Financials". NASDAQ. Retrieved 11 August 2019.
  5. https://finance.yahoo.com/quote/MIDD/profile/
  6. Carroll, S.R. (24 September 1995). "Middleby Corp. Is Really Cookin'". Chicago Tribune. Retrieved 19 November 2013.
  7. Bruno, Pat (27 March 1994). "Pizza Takes a Bigger Slice of the Pie". Chicago Sun-Times. HighBeam (subscription required). Archived from the original on 9 April 2016. Retrieved 19 November 2013.
  8. Staff (6 July 1996). "Middleby Opens Philippines Plant". Business Briefs. The Daily Herald. Chicago, Illinois. p. 145. Retrieved 2015-07-26 – via Newspapers.com.
  9. Goldfard, Sam (29 November 2006). "Middleby Corp. Plans to Close Plants, CEO says". Daily Herald. Arlington Heights, Illinois. Retrieved 2015-07-26 – via Newspapers.com.
  10. Ashworth, Will (28 June 2013). "Middleby's Shareholders Have Lost Their Marbles". InvestorPlace. Rockville, Maryland: InvestorPlace Media. Retrieved 19 November 2013.
  11. Danner, Patrick (16 March 1990). "Exporter Neal Asbury is on a Trade Mission". The Miami Herald. Conscientious Equity. Retrieved 19 November 2013.
  12. "Form 10-K – Middleby Corporation". Get Filings. 30 December 2000. Retrieved 19 November 2013.
  13. http://www.middleby.com/MidCorp/Press_releases/VRC_FINAL_123112.pdf
  14. "TurboChef sold to Middleby as it posts deeper Q2 loss". Atlanta Business Journal. 12 August 2008. Retrieved 13 December 2013.
  15. "Middley and TurboChef: Who's Rule Pizza Expo '07". Appliance Magazine. 15 March 2007. Retrieved 13 December 2013.
  16. Hagerty, James (1 January 2013). "Middleby Buys Viking Range for $380 Million". The Wall Street Journal. Retrieved 19 November 2013.
  17. Farell, Sean (15 July 2015). "Aga Rangemaster sold to US company Middleby in £129m deal". The Guardian. Retrieved 15 July 2015.
  18. "The Middleby Corporation buys Taylor Company for $1bn". Foodbev Media. Retrieved 4 June 2018.
  19. Lancaster, Alaina (5 March 2019). "Middleby to Purchase Standex Cooking Solutions Group". CSP Daily News. Retrieved 21 November 2019.
  20. Staff (27 October 2006). "Valentino to head Middleby Worldwide". Local Focus. The Daily Herald. Chicago, Illinois. Retrieved 2015-07-27 – via Newspapers.com.
  21. "The Middleby Corporation Acquires CVP Systems". June 30, 2017. Retrieved 13 April 2018.
  22. "Middleby Acquires Brava Home Inc". www.businesswire.com. 20 November 2019. Retrieved 20 November 2019.
  23. Loizos, Connie (20 November 2019). "Brava, a smart oven maker with big names attached, just sold to an industrial equipment company". TechCrunch. Retrieved 20 November 2019.
  24. Staff (5 November 1996). "Middleby plans subsidiary sale". The Daily Herald. Chicago, Illinois. Retrieved 2015-07-27 – via Newspapers.com.
  25. Novinson, Eric (17 September 2013). "When Restaurant Competition Heats Up, This Company Benefits". Motley Fool. Retrieved 13 December 2013.
  26. Channick, Robert (8 May 2012). "Industry pros eating up what National Restaurant Association show has to offer". Chicago Tribune. Retrieved 13 December 2013.
  27. Barker, Bill (1 May 2007). "The Best Stocks of the Millennium". The Motley Fool. Retrieved 19 November 2013.
  28. "The Middleby Corporation Receives ACG Emerging Company Growth" (Press release). Bloomberg BusinessWeek. 20 February 2008. Retrieved 19 November 2013.
  29. Lambert, Emily (1 November 2004). "Sell The Sizzle". Forbes. Retrieved 19 November 2013.
  30. "200 Best Small Companies". Forbes. Retrieved 19 November 2013.
  31. "Elgin's Middleby Corp. ranks on Forbes list". The Daily Herald. 12 November 2012. Retrieved 13 December 2013.
  32. "Middleby receives the President's "E" Award" (Press release). United States Department of Commerce via Middleby.com. 17 December 1997. Retrieved 19 November 2013.
  33. "Governor Announces 2001 Governor's Export Award Winners" (Press release). 16 August 2001. Retrieved 19 November 2013.
  34. "Fast Fifty 2013: Nos. 46 through 50". Chicago Business. 3 June 2013. Retrieved 13 December 2013.
  35. "The Middleby Corporation to Acquire TurboChef Technologies". Bloomberg. 12 August 2008. Retrieved 13 December 2013.
  36. "The Middleby Corporation Completes Acquisition of Doyon Equipment" (Press release). Business Wire. 16 December 2009. Retrieved 13 December 2013.
  37. Gieske, Carol (28 February 2013). "Middleby Marshall WOW! 2 OVEN Named 2013 Kitchen Innovations Award Winner". Elgin Chamber of Commerce. Retrieved 13 December 2013.
  38. Kuczmarski, Thomas D. (2011). Innovating…Chicago-style: How Local Innovators Are Building the National Economy. Book Ends Publishing. ISBN 9780615548852.
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