Technology

Equipment giant Middleby to buy Welbilt for $2.9B

The deal adds to Middleby's wide array of commercial kitchen equipment and technology.
Middleby logo on phone
Photograph: Shutterstock

Foodservice equipment manufacturer Middleby Corp. is acquiring smaller competitor Welbilt for $2.9 billion, adding to its wide array of equipment and technology for commercial kitchens.

The deal will combine the companies' "distinct but complementary portfolios" and help expand Middleby's global footprint, the companies said in a statement. It also advances Middleby's investments in newer technologies such as connected kitchen equipment.

Middleby CEO Timothy FitzGerald called the deal a "milestone event" for the commercial foodservice industry. "The acquisition of Welbilt is a transformational opportunity for Middleby and a compelling combination that will benefit all of our stakeholders," he said.

Publicly traded Middleby has a history of acquisitions, with 20 under its belt since 2018 alone. 

Together, the companies generated approximately $3.7 billion in 2020 sales, 73% of which were from the commercial foodservice segment.

Middleby brands include Bakers Pride, Turbochef and MagiKitch'n, among dozens of others. Welbilt's portfolio includes Cleveland, Frymaster and Manitowoc Ice as well as the KitchenCare, FitKitchen and KitchenConnect service lines.

Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.

Multimedia

Exclusive Content

Financing

Despite their complaints, customers keep flocking to Chipotle

The Bottom Line: The chain continued to be a juggernaut last quarter, with strong sales and traffic growth, despite frequent social media complaints about shrinkflation or other challenges.

Operations

Hitting resistance elsewhere, ghost kitchens and virtual concepts find a happy home in family dining

Reality Check: Old-guard chains are finding the alternative operations to be persistently effective side hustles.

Financing

The Tijuana Flats bankruptcy highlights the dangers of menu miscues

The Bottom Line: The fast-casual chain’s problems following new menu debuts in 2021 and 2022 show that adding new items isn’t always the right idea.

Trending

More from our partners