Press release from Business Wire
The Middleby Corporation to Acquire PerfectFry Company Ltd.
Wednesday, May 05, 2010
The Middleby Corporation to Acquire PerfectFry Company Ltd.16:30 EDT Wednesday, May 05, 2010 ELGIN, Ill. (Business Wire) -- The Middleby Corporation (NASDAQ: MIDD) today announced it has entered into an agreement to acquire the net assets and operations of PerfectFry Company Ltd. (“Perfectfry”), a leading manufacturer of ventless countertop frying units for the commercial foodservice industry. Located in Alberta, Canada with approximately $4 million in annual sales. The transaction is expected to close in June 2010 and will be financed under Middleby's senior revolving credit facility. With this acquisition, Middleby continues to expand its portfolio of leading brands and technologies in the cooking and warming segments. Selim A. Bassoul, Middleby Chairman and Chief Executive Officer, said, “We are very excited to add the unique product line of Perfectfry to complement our industry leading platform of frying technologies. The compact design and ventless technology of the Perfectfry product line provides a foodservice operator with the ability to offer fried foods in non-traditional locations utilizing a low cost solution. The fully enclosed design also provides for increased safety to the foodservice operator. Perfectfry has been recognized by the National Restaurant Association as a recipient of its Kitchen Innovation Award in 2006 and again in 2010.” Mr. Bassoul continued, “This acquisition complements our Turbochef, Cooktek, and Wells brands, establishing Middleby as a leader in ventless cooking solutions for the commercial foodservice industry.” Statements in this press release or otherwise attributable to Middleby regarding its business which are not historical fact are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Middleby cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. These risks are detailed from time-to-time in Middleby's SEC filings. The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used for commercial food cooking, preparation and processing. The company's leading equipment brands serving the commercial foodservice industry include Anets®, Blodgett®, Blodgett Combi®, Blodgett Range®, Bloomfield®, Carter Hoffman®, CookTek®, CTX®, Doyon®, frifri®, Giga®, Holman®, Houno®, Jade®, Lang®, MagiKitch'n®, Middleby Marshall®, Nu-Vu®, Pitco Frialator®, Southbend®, Star®, Toastmaster®, Turbochef®, and Wells®. The company's leading equipment brands serving the food processing industry include Alkar®, MP Equipment®, and RapidPak®. The Middleby Corporation was recognized by Business Week as one of the Top 100 Hot Growth Companies of 2007, by Crain's Chicago Business as one of the Fastest 50 Growth Companies in 2007, and by Forbes as one of the Best Small Companies in 2008 and 2009.