Key Developments For Middleby Corp
Middleby Corp (MIDD.O) (Nasdaq)
The Middleby Corporation Completes Acquisition of Anetsberger Brothers, Inc
The Middleby Corporation announced it has acquired substantially all of the assets of Anetsberger Brothers, Inc. (Anets), a manufacturer of griddles, fryers, and dough rollers for the commercial foodservice industry with approximately $10 million in annual sales. The purchase price for the acquisition was $3.5 million plus $0.5 million in deferred payments if certain performance criteria are met. The transaction will be financed under Middleby`s senior revolving credit facility.
The Middleby Corporation Completes Acquisition Of CookTek LLC
The Middleby Corporation announced that it has acquired CookTek LLC (CookTek), a manufacture of induction cooking and warming systems for the commercial foodservice industry. The purchase price for the acquisition was $9 million, which was financed under the Company's senior revolving credit facility. Further payments are due to the seller under an earnout arrangement to the extent certain financial performance targets are achieved.
The Middleby Corporation Completes Acquisition of TurboChef Technologies, Inc.
The Middleby Corporation and TurboChef Technologies, Inc. announced that Middleby has completed its acquisition of TurboChef for $3.67 in cash and 0.0486 shares of Middleby common stock for each outstanding share of TurboChef common stock in accordance with the terms of an agreement and plan of merger entered into August 12, 2008 and amended November 21, 2008. The acquisition closed on January 5, 2009. Middleby financed the transaction under its senior revolving credit facility.
The Middleby Corporation To Acquire TurboChef Technologies, Inc.
The Middleby Corporation announced that it has executed a definitive agreement to acquire TurboChef Technologies, Inc., in a cash and stock transaction valued at approximately $200 million, including TurboChef net cash of approximately $5 million as of June 30, 2008. Under the terms of the Merger Agreement, which has been approved by the Board of Directors of both companies, holders of TurboChef's common shares will receive a combination of $3.67 in cash and 0.0486 Middleby shares of common stock per TurboChef share. The implied value per TurboChef share is $6.47 based on the closing price of Middleby's common stock as of August 11, 2008. The transaction, which is expected to close in the fourth quarter of 2008. Middleby expects to finance the acquisition by drawing on its existing revolving credit facility, which will be increased in connection with the transaction
The Middleby Corporation Reaffirms Long-Term EPS Growth Outlook-Conference Call
The Middleby Corporation announced that over the long term, the Company still views itself as a 20% earnings per share (EPS) growth target.
