Middleby Corp. to acquire Welbilt Inc. for $2.9 billion

Key points:

• Combination will create food equipment company with a leading commercial foodservice portfolio.
• Combined business positioned to deliver enhanced value for customers through unmatched service and forward-thinking technology solutions.
• Accelerates key investments in new product development.
• Clear path to driving $120 million in operational improvement.
• Immediately accretive to adjusted EPS with greater than 10% annual accretion by year two.

The Middleby Corp. (Nasdaq: MIDD) and Welbilt Inc. (NYSE: WBT) have entered into a definitive agreement under which Middleby will acquire Welbilt in an all-stock transaction.

The deal is expected to enhance the Middleby Commercial Foodservice platform with an attractive portfolio of products, brands and technologies. It will bring together two complementary businesses.

The combined company will have approximately $3.7 billion in combined 2020 sales, 73% of which will come from the commercial foodservice segment.