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%