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.