The Middleby Corporation (NASDAQ: MIDD) has agreed to sell a 51% stake in its Residential Kitchen business to affiliates of 26North Partners LP, valuing the unit at $885 million. Middleby will retain a 49% non-controlling interest in the new joint venture, receiving approximately $540 million in cash and a $135 million seller note.
The Residential Kitchen portfolio includes premium brands such as Viking, AGA Rangemaster, La Cornue, Kamado Joe, Marvel, Novy, and U-Line. This move, alongside the planned spin-off of Middleby’s Food Processing segment in H1 2026, advances the company’s strategy to become a pure-play commercial foodservice leader.
With a sharpened focus, Middleby is positioned for accelerated growth through innovation and automation, offering a robust lineup of commercial kitchen solutions that enhance labor efficiency, reduce food costs, and expand into high-potential markets like ice and beverage.
The commercial foodservice business stands strong with 2024 revenue of $2.38 billion, $654 million in Adjusted EBITDA, and a margin exceeding 27%
Tag Archives: Kamado Joe
Middleby confirms “incredible” product acquisition is now available in UK market
Middleby UK has added Kamado Joe charcoal grills to its portfolio as the business continues to benefit from the acquisitive strategy of its parent company.
Kamado Joe was snapped up by Middleby Corporation last year as part of a strategy to strengthen its offering in outdoor cooking solutions.
Middleby UK described it as an “incredible” product that would give operators hassle-free grilling, smoking and searing.
Kamado Joe features a two-tier ‘divide and conquer’ cooking system, which uses a multi-level design to allow operators to cook different food in different styles, at different temperatures.
Intense and smoky flavours are achieved courtesy of a heat-resistant shell with thick, ceramic walls, which locks in heat and moisture at any given temperature.
Chris Clark, managing director at Middleby UK, said: “The addition of Kamado Joe to our range of grilling solutions is an exciting one, and we can’t wait to take the brand to the next level.
“The Kamado Joe brand perfectly aligns with our already established portfolio and is another great option for our customers looking to expand their kitchen – it’s the perfect summer centrepiece.”
The range consists of the Classic Joe II and the Big Joe II, both available as standalone models, or with caster wheels included to provide manoeuvrability
WHITEGOODSNOW 