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Middleby Completes CookTek Acquisition

The purchase price for the acquisition was $9 million, financed under Middleby’s senior revolving credit facility, according to Middleby’s announcement.

The addition of CookTek’s induction line of cooking and warming systems complements Middleby’s existing portfolio of innovative technologies. Selim A. Bassoul, Middleby chairman and ceo, said, “Customers continue to seek out 'green technologies' that provide more energy-efficient cooking and warming solutions. The two acquisitions we have completed this year, Turbochef and CookTek, both provide eco-friendly equipment that reduces energy consumption, while cooking at greater speeds. Additionally, both these technologies provide customers with a cooking solution that does not require a hood or ventilation system, providing significant savings over traditional cooking equipment.”

Bob Wolters, president of CookTek, reportedly will stay on and continue to oversee the CookTek division.

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