Tag Archives: La Cornue

Middleby to Sell 51% Stake in Residential Kitchen Business to 26North in Transaction Valuing the Business at $885 Million

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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%

Middleby Residential UK

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Middleby Residential has announced the appointment of Dominic Worsley, former managing director of CDA, as the new UK group managing director. In this role, Worsley will oversee a diverse range of brands, including Aga, Rangemaster, Rayburn, La Cornue, Novy, and Josper.

Worsley brings a wealth of experience to the position, having spent the past two years leading CDA. His career also spans various roles beyond the kitchen, bedroom, and bathroom (KBB) sector, showcasing his versatile expertise.