Middleby Corporation told investors yesterday that it is well-placed to increase its manufacturing capacity and achieve improvements in production efficiencies after delivering record fourth quarter results.
The owner of brands such as TurboChef, Pitco and Lincat notched up group sales of $1 billion (£828m) during Q4, a 19% increase on the previous year and 14% organically.They have managed to achieve margin expansion over the previous year and sequentially from Q3 as a result of pricing, shifting its product mix towards higher technology solutions and disciplined cost control.
Novy has announced the promotion of Francis Gistelinck from commercial director to chief executive officer for global operations. His new role officially commenced on 1st September 2022.
Based at the company’s HQ in Kuurne, Belgium, Gistelinck takes over from CEO, Carlos Wanzeele, who has stepped down from his eight-year tenure following the successful sale of the family-run business to Middleby Residential. Whilst in the role, Wanzeele doubled the company’s turnover from 45million to over 100million Euros.
Francis Gistelinck started work at the Novy Group in 2016. Together with Carlos Wanzeele, they developed a global growth expansion strategy for Novy, which included the appointment of Owain Harrison as country manager who set up the first ever Novy UK and Ireland subsidiary, launching in 2017. Since then, the Novy brand has firmly established itself as a leading name in luxury extraction and vented induction hobs, with a network of kitchen specialists throughout the UK. The company says that Gistelinck will be focusing on further growth the brand, including new innovations in product development, whilst building synergies for Novy’s distribution and operations within the Middleby Residential portfolio around the world.
Jon White has been appointed as the new MD for the Lincat Group, the UK manufacturer of the Lincat, FriFri, IMC and Britannia brands. Jon who previously held the role of Technical Director succeeds Chris Jones following his promotion to European Group President of Middleby Worldwide in late 2019.
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
The Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Novy, a leading manufacturer of premium residential ventilation hoods and cooktops based in Belgium, with sales of approximately $90 million USD annually and EBITDA margins in excess of 20%.