The acquisition is expected to close on April 2. Jade manufactures cooking equipment, including ranges, cooktops, and ovens for both commercial and residential use. The acquired business, located in Brea, CA, has approximately $20 million in annual sales.
This transaction will further add to Middleby's portfolio of leading brands in foodserve cooking, Selim A. Bassoul, chairman and ceo, observed in a press statement.
"We are very excited to announce this acquisition. Jade is recognized as a premium brand with a superior level of quality. The acquisition of Jade will further strengthen Middleby's position in the high-end segment of the commercial cooking equipment market. In addition, this acquisition will provide us with an opportunity to build upon Jade's residential business. The residential sales of the business represents about 15% of the total revenues acquired," Bassoul said.