The Middleby acquisition history

Viking Range is a leading manufacturer of premium residential cooking ranges, ovens and kitchen appliances, headquartered in Greenwood, Mississippi with approximately $200 million in annual revenues. The deal established Middleby's Residential Kitchen platform.

This acquisition strategically positions Middleby as a leading manufacturer in the sector with a top brand. The acquisition of Viking allows us to integrate our own patented technologies that will have a huge appeal to consumers for their residential kitchens.Selim A. Bassoul — Chairman and CEO, The Middleby Corporation

Middleby agreed to acquire Welbilt, Inc. (NYSE: WBT) in an all-stock merger to create a premier commercial foodservice platform with roughly $3.7 billion combined 2020 sales. Following a competing proposal, Middleby let its match period expire and the merger agreement was terminated on July 14, 2021 (Welbilt was subsequently acquired by Ali Group). All-stock; ~$100 million anticipated annual cost synergies.

This transaction will bring together two complementary businesses, accelerate the Middleby growth strategy into key markets globally and increase core capabilities in highly attractive segments.The Middleby Corporation — April 20, 2021 acquisition press release (Exhibit 99.1)

Taylor is a world leader in beverage solutions, soft serve and ice cream dispensing equipment, frozen drink machines and automated double-sided grills, located in Rockton, Illinois. Middleby acquired it from UTC Climate, Controls & Security, a unit of United Technologies. It is Middleby's largest completed acquisition. approximately $1.0 billion.

Masterbuilt Holdings and its residential outdoor brands Kamado Joe and Masterbuilt are a leader in outdoor residential cooking, located in the Atlanta, Georgia area. The purchase price included $403.6 million in cash and Middleby common stock. approximately $400.7 million.

Middleby announced in July 2021 the acquisition of Novy, a Belgian maker of premium residential ventilation hoods and cooktops, with annual sales of roughly $90 million and EBITDA margins above 20%. Management described Novy as a leader in built-in cooking that complements Middleby's growing premium residential brand portfolio. The company planned to introduce Novy's products into the U.S. and U.K. markets where Middleby Residential is already established. approximately $250.9 million.

Follett is a leading manufacturer of ice machines, ice and water dispensing equipment, ice storage and transport products and medical-grade refrigeration products for the foodservice and healthcare industries, headquartered in Easton, Pennsylvania with approximately $140 million in annual revenues. approximately $207.7 million.

Follett is a strategic fit with our growing beverage platform, complementing existing Middleby brands in a number of domestic and international market niches, and providing for opportunities to offer combined beverage and ice solutions.Selim A. Bassoul — Chairman and CEO, The Middleby Corporation

AGA Rangemaster is a leading manufacturer of residential kitchen equipment including cookers, ranges, ovens and refrigeration, based in the United Kingdom, home of heritage brands such as AGA and Rangemaster. approximately $184.7 million.

U-Line is a leading manufacturer of premium residential built-in modular ice making, refrigeration and wine preservation products for the residential industry. approximately $142.0 million.

Middleby acquired Cooking Solutions Group, Inc. from Standex International Corporation, consisting of the brands APW Wyott, Bakers Pride, BKI and Ultrafryer, serving the commercial foodservice industry. approximately $106.1 million.

Middleby acquired Globe Food Equipment in October 2017. The Dayton, Ohio-based company is a recognized brand in slicers and mixers for commercial foodservice, with annual sales of about $50 million. Middleby saw Globe's food-preparation products as complementary to its existing foodservice brands and as a way to expand further into the retail market segment.

Middleby announced in December 2015 that it had acquired Lynx Grills from Century Park Capital Partners, with deal terms undisclosed. Founded in 1996 and based in Downey, California, Lynx is a maker of luxury grills and custom outdoor kitchen products, including its Professional Series and Sedona lines and the Wi-Fi-enabled SmartGrill. Middleby cited Lynx's design and professional-quality reputation as a strong fit for the outdoor cooking category.

Lincat is a leading manufacturer of ranges, ovens and counterline equipment for the commercial foodservice industry, based in the United Kingdom.

Sveba Dahlen is a developer and manufacturer of ovens and baking equipment for the commercial foodservice and industrial baking industries, headquartered in Fristad, Sweden.

Wunder-Bar (Automatic Bar Controls) is a leading manufacturer of beverage dispensing systems for the commercial foodservice industry.

Firex is a leading manufacturer of steam cooking equipment for the commercial foodservice industry, located in Sedico, Italy. approximately $53.7 million.

Crown is a leading designer and manufacturer of steam cooking equipment for the commercial foodservice industry, located in Toronto, Canada. approximately $42.0 million.

QualServ is a global commercial kitchen design, manufacturing, engineering, project management and equipment solutions provider, located in Fort Smith, Arkansas.

Josper is a leading manufacturer of charcoal grill and oven cooking equipment for commercial foodservice and residential applications, located in Pineda de Mar, Spain. approximately $39.3 million.

Scanico is a leading manufacturer of industrial cooling and freezing equipment for the food processing industry, located in Aalborg, Denmark.

CVP Systems is a leading manufacturer of high-speed packaging systems for the meat processing industry, located in Downers Grove, Illinois. Consideration included $17.5 million in cash and Middleby common stock. approximately $29.8 million.

Armor Inox is a manufacturer of thermal processing systems for the food processing industry, based in France with UK operations.

Middleby announced in September 2012 the acquisition of Stewart Systems Global, a maker of highly automated proofing and oven systems for the baking industry with annual revenue of about $30 million. The company was described as a long-standing leader in baking systems. Middleby viewed it as complementary to its earlier Auto-Bake and Baker Thermal Solutions acquisitions, offering customers a more integrated baking-system portfolio.

Goldstein Eswood comprises J. Goldstein & Co. Pty. Ltd. and Eswood Australia Pty. Ltd., commercial foodservice equipment manufacturers based in Australia.

Alkar manufactures batch and conveyor ovens and related packaging equipment for the food processing industry under the Alkar and RapidPak brands, with approximately $60 million in annual sales.

The purchase of Alkar allows Middleby to add to its portfolio of leading brands in cooking. Alkar is recognized as the leader in the industry due to the high quality of its product and its strong relationship with its customers.Selim A. Bassoul — Chairman and CEO, The Middleby Corporation

Hinds-Bock is a leading manufacturer of solutions for filling and depositing bakery and food products, located in Bothell, Washington.

Middleby announced in October 2012 the acquisition of Nieco Corporation, a Windsor, California maker of automatic broilers for commercial foodservice, with annual revenue of roughly $20 million. Founded in 1905, Nieco had recently introduced BroilVection, a patented hybrid broiling technology combining radiant broiling with natural and forced convection. Its automated broiling equipment complemented Middleby's efficiency-focused cooking technologies, serving large quick-service restaurant customers.

CookTek is a leader in the manufacture of induction cooking and warming systems for the commercial foodservice industry, with approximately $10 million in annual sales. Financed under Middleby's senior revolving credit facility, with an additional earnout.

Oka designs and manufactures industrial extrusion, molding, depositing and cutting production equipment used in the bakery, confectionery and pet-food markets. Middleby acquired the Darmstadt, Germany-based business, which has annual revenues of about $12 million, to broaden its Food Processing equipment portfolio.

Frigomeccanica, based in Parma, Italy, is a global provider of equipment for drying, defrosting, fermentation, refrigeration and preservation used in food processing, with annual revenues of roughly $30 million. Middleby acquired it to extend its Food Processing offering.

Gorreri, based outside Parma, Italy, engineers food processing technology for the bakery and pastry industry. Middleby acquired the business to expand its industrial food processing capabilities.

JC Ford, founded in 1945 and based in Columbia, Tennessee, is a leading manufacturer of tortilla and chip production equipment systems, with about $70 million in annual revenues. Middleby acquired it to grow its Food Processing platform.

Emery Thompson, based in Brooksville, Florida, is a global brand in frozen dessert (batch freezer) equipment with roughly $10 million in annual revenues. Middleby acquired the business to broaden its dessert equipment lineup.

GBT, based in Luenen, Germany, engineers and manufactures high-grade industrial baking and bread lines, with annual revenues of about 10 million euros. Middleby acquired it to expand its industrial baking platform.

Trade-Wind, based in Phoenix, is a premier manufacturer of ventilation innovation for indoor and outdoor residential use, with about $10 million in annual revenues. Middleby acquired it for its residential platform.

TERRY provides water treatment solutions used with foodservice and beverage equipment. Middleby acquired the business to complement its beverage and foodservice platforms.

Filtration Automation, based in Mansfield, Texas, is known for its Micron-Pro brand high-capacity oil management systems used in poultry, fish and snack applications, with about $10 million in annual revenues. Middleby acquired it for its Food Processing group.

Flavor Burst, based in Danville, Indiana, makes flavor-injection technology used in flavored beverages and soft serve, with about $5 million in annual revenues. Middleby acquired it to grow its beverage business.

Escher Mixers designs and manufactures highly-engineered spiral and planetary mixers for the industrial baking industry. Middleby acquired it to expand its industrial baking platform.

Marco, based in Dublin, Ireland, designs and manufactures energy-efficient beverage dispense solutions, with about $30 million in annual revenues. Middleby acquired it to add beverage solutions.

Colussi Ermes, based in Pordenone, Italy, is a worldwide manufacturer of automated washing solutions for the food processing industry, with about $50 million in annual revenues. Middleby acquired it for its Food Processing group.

CP Packaging, based in Appleton, Wisconsin, manufactures advanced high-speed vacuum packaging equipment, with about $15 million in annual sales. Middleby acquired it to expand packaging offerings.

Proxaut, based near Bologna, Italy, manufactures Automated Guided Vehicles (AGVs) for the food and industrial processing industries, with about $15 million in annual sales. Middleby acquired it to add automation.

Icetro makes ice, soft serve and slush machines used in commercial foodservice worldwide. Headquartered in South Korea with U.S. operations in Anaheim, California, it has about $40 million in annual sales. Middleby acquired it to grow its beverage business.

Char-Griller, based in Atlanta, is a leader in residential outdoor charcoal and gas cooking products, with about $150 million in 2021 revenues. Middleby completed the acquisition alongside its Kamado Joe and Masterbuilt deal.

Imperial manufactures commercial cooking equipment and expands Middleby's manufacturing and distribution footprint in the western United States. Middleby acquired the business for its Commercial Foodservice group.

United Foodservice, based in Zhuhai, China, designs, manufactures and supplies counter-top commercial foodservice equipment, with about $10 million in recent annual revenues. Middleby acquired it for its Commercial Foodservice group.

Wild Goose Filling, based in Louisville, Colorado, designs, manufactures and services specialty liquid filling systems and highly-engineered food and beverage packaging equipment. Middleby acquired it to expand beverage packaging.

Deutsche Beverage Technology, based in Charlotte, North Carolina, is a leader in beverage brewing and processing systems, with about $40 million in annual revenues. Middleby acquired it to grow its beverage platform.

RAM, a business unit of Automated Equipment LLC based in Red Wing, Minnesota, is a leader in automated frozen fry dispensing equipment. Middleby acquired the business for its Commercial Foodservice group.

Synesso, based in Seattle, designs and manufactures semi-automatic espresso machines for the commercial market, with about $10 million in revenues. Middleby acquired it to expand its beverage offering.

Brava Home is a developer of smart residential cooking technology. Middleby acquired the business to expand its residential platform.

Ss Brewtech, founded in 2013, is a market leader in professional craft brewing and beverage equipment, with about $20 million in annual revenues. Middleby acquired it to grow its beverage business.

Packaging Progressions (Pacproinc), based in Souderton, Pennsylvania, provides food-processing interleaving and packaging equipment, with about $30 million in annual revenues. Middleby acquired it for its Food Processing group.

Powerhouse Dynamics is a leader in cloud-based IoT solutions for the foodservice industry, providing connected equipment monitoring and energy management. Middleby acquired it to advance connected-kitchen capabilities.

EVO America, based near Portland, Oregon, designs and manufactures ventless cooking equipment for commercial foodservice, with about $8 million in annual revenues. Middleby acquired it for its Commercial Foodservice group.

JoeTap, a subsidiary of A.C. Beverage, Inc., is an innovator of on-demand nitro and cold brew coffee dispensing equipment for commercial foodservice. Middleby acquired it to expand beverage dispensing.

Ve.Ma.C., based in Castelnuovo Rangone, Italy, designs and manufactures handling, automation and robotics solutions for protein food processing lines, with about $15 million in annual revenues. Middleby acquired it for its Food Processing group.