MIDDLEBY (MIDD) Company Report

Middleby Corporation has agreed to sell a 51% controlling stake in its Residential Kitchen business to affiliates of 26North Partners LP for $885 million, while retaining a 49% non-controlling interest in the new joint venture.
This transaction is a key step in Middleby's transformation into a pure-play commercial foodservice company, with a planned spin-off of its Food Processing segment in the first half of 2026.
Middleby expects to receive approximately $540 million in upfront cash proceeds and a $135 million seller note from the joint venture, enabling investment in shareholder return initiatives.
The transaction is anticipated to close in the first quarter of 2026, pending regulatory approvals.
The commercial foodservice segment, which Middleby is focusing on, reported $2.38 billion in annual revenue and $654 million in Adjusted EBITDA in 2024.

3 hours ago

Morningstar

Middleby Announces Residential Joint Venture with 26 North

MIDD

M&A

Share Buyback

Middleby announced a residential joint venture with 26 North, where 26 North will acquire a 51% stake in Middleby's residential business at a valuation of $885 billion.
Middleby will receive approximately $540 million of upfront cash proceeds and a $135 million note from the joint venture, while retaining a 49% stake in the business. The note has a maturity of just over five years and a blended interest rate of approximately 1%.
The transaction is expected to close in the first quarter of calendar year 2026, with the residential business to be deconsolidated from Middleby's financial statements beginning in the fourth quarter.
The strategic rationale for the transaction includes unlocking shareholder value, optimizing the portfolio, and positioning the remaining commercial food service and food processing segments for equity revaluation. Middleby plans to use the significant upfront cash proceeds to repurchase shares.
Following the transaction, the remaining Middleby Corporation is expected to have substantially higher margins, with both remaining businesses achieving adjusted EBITDA margins above 20%.

6 hours ago

Transcript

Middleby Announces Residential Joint Venture with 26 North

MIDD

M&A

Share Buyback

Middleby has announced a residential joint venture with 26 North to optimize its portfolio and unlock shareholder value.
26 North will acquire a 51% stake in Middleby's residential business at a valuation of $885 billion.
Middleby will receive approximately $540 million of upfront cash proceeds and a $135 million note from the joint venture, while retaining a 49% stake. The company plans to use the significant upfront cash proceeds to repurchase shares.
The transaction is expected to close in the first quarter of calendar year 2026. Following the transaction, the remaining Middleby Corporation is projected to have substantially higher margins, with adjusted EBITDA margins above 20% for its commercial food service and food processing segments.

6 hours ago

Transcript

Middleby to Sell Majority Stake in Residential Kitchen Business

MIDD

M&A

New Projects/Investments

Middleby (MIDD) announced an agreement to sell a 51% stake in its Residential Kitchen business to affiliates of 26North Partners LP, valuing the business at $885 million.
The company will receive approximately $540 million in upfront cash proceeds and hold a $135 million seller note, while retaining a 49% non-controlling interest in the new joint venture.
This transaction, along with the previously announced spin-off of the Food Processing business, is intended to transform Middleby into a pure-play commercial foodservice leader.
The commercial foodservice platform reported $2.38 billion in 2024 annual revenue and $654 million in Adjusted EBITDA.
The transaction is expected to close in the first quarter of calendar year 2026.

7 hours ago

8-K

Middleby Sells Majority Stake in Residential Kitchen Business

MIDD

M&A

Share Buyback

New Projects/Investments

Middleby announced it will sell a 51% stake in its Residential Kitchen Business to 26North at a total enterprise valuation of $885 million.
The company expects to receive approximately $540 million in cash and will hold a $135 million seller note to the joint venture, with the transaction anticipated to close in Q1 2026.
This strategic move aims to deconsolidate Residential Kitchen financials and optimize Middleby's capital structure, with proceeds available for share repurchases ahead of the Food Processing spin-off.
The Residential Kitchen business is forecasted to generate $67 million in EBITDA for 2025.

8 hours ago

Presentation

North America Barbeque Grill Market Expected to Reach $3.67 Billion by 2033

MIDD

M&A

Product Launch

Revenue Acceleration/Inflection

The North America Barbeque Grill Market is projected to grow from US$ 2.6 billion in 2024 to US$ 3.67 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 3.92% from 2025 to 2033.
This market expansion is primarily driven by modernizing lifestyles, the increasing popularity of outdoor living and entertainment, rising disposable incomes, and technological advancements such as smart temperature controls and connectivity features.
Key challenges for the market include high product costs, maintenance requirements, price competition, raw material volatility, and environmental concerns related to emissions.
Recent developments in the market include the May 2025 merger of Weber and Blackstone Products, with Roger Dahle appointed CEO of the combined entity, and Recteq's introduction of the X-Fire Pro pellet grill in April 2025.

6 days ago

Press Release

Middleby Reports Q3 2025 Results with Significant Impairment Charge and Strategic Actions

MIDD

Earnings

Guidance Update

Share Buyback

Middleby Corporation reported Q3 2025 revenue around $980 million and adjusted EBITDA of approximately $196 million, but recorded a net loss of about $513 million and a basic and diluted loss per share of $10.15, primarily due to a $709 million non-cash impairment charge related to the Residential Kitchen Equipment Group.
The company refined its full-year 2025 revenue forecast to $3.85-$3.89 billion and adjusted EBITDA guidance to $779 million-$789 million.
Strategic initiatives include a planned spin-off of the Food Processing business by mid-2026 and ongoing reviews of the Residential Kitchen segment.
Middleby repurchased over 3.5 million shares in 2025, reducing its share count by 6.4%, demonstrating confidence in shareholder value enhancement.

Nov 7, 2025, 12:33 AM

Morningstar

Middleby Exceeds Q3 2025 Guidance, Announces Residential Kitchen Strategic Review, and Updates Spin-off Timeline

MIDD

Earnings

Guidance Update

M&A

Middleby reported Q3 2025 total revenue of $980 million, adjusted EBITDA of $196 million, and adjusted EPS of $2.37, all exceeding the top end of its guidance range.
The company announced a strategic review of its residential kitchen business, including a potential separation, and recorded a non-cash impairment charge of $709 million related to this segment.
The planned spin-off of the food processing business is targeted for completion in the second quarter of 2026, with transaction effectiveness currently anticipated in May 2026.
Middleby utilized $500 million to repurchase over 3.5 million shares at an average price of $144.55 per share year-to-date 2025, reducing its share count by 6.4%.
For Q4 2025, the company forecasts total revenue of $990-$1,020 million, adjusted EBITDA of $200-$210 million, and adjusted EPS of $2.19-$2.34.

Nov 6, 2025, 1:30 PM

Transcript

Middleby Reports Q3 2025 Earnings and Strategic Initiatives

MIDD

Earnings

Guidance Update

M&A

Middleby reported Q3 2025 net sales of $982.1 million, a 4.2% increase compared to Q3 2024, while Adjusted EBITDA decreased 7.8% to $196.4 million.
The company provided Q4 2025 guidance for Total Revenue between $990 million and $1,020 million and Adjusted EBITDA between $200 million and $210 million.
Middleby is considering a potential separation of its Food Processing business following a comprehensive portfolio assessment.
Year-to-date September 2025, the company repurchased 3.5 million shares for $500 million, with 8.3 million shares remaining under authorization.
Tariff costs are projected at $150 million annually, with a Q4 2025 headwind of $5-10 million, and are expected to be fully offset by the start of FY 2026.

Nov 6, 2025, 1:30 PM

Presentation

Middleby Reports Q3 2025 Results and Announces Strategic Review

MIDD

Earnings

Guidance Update

Share Buyback

The Middleby Corporation reported net sales of $982 million for the third quarter of 2025, a 4% increase over the prior year, with adjusted EBITDA of $196 million and adjusted EPS of $2.37.
The company announced a strategic review of its Residential Kitchen business, which led to a non-cash impairment charge of $709 million and a diluted EPS of $(10.15) for Q3 2025.
Middleby repurchased 3.5 million common shares year-to-date for approximately $500 million, including $148.6 million during Q3 2025.
For Q4 2025, the company expects total revenue between $990-1,020 million and adjusted EPS between $2.19-2.34. The full-year 2025 outlook includes total revenue of $3.85-3.89 billion and adjusted EPS of $8.99-9.14.

Nov 6, 2025, 12:01 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for MIDDLEBY.

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