Middleby to Sell Majority Stake in Residential Kitchen Unit, Including European Brands, for USD 885 Million

Middleby to Sell Majority Stake in Residential Kitchen Unit, Including European Brands, for USD 885 Million

United States/Europe: Middleby has entered a definitive agreement to sell a 51 percent stake in its Residential Kitchen business to affiliates of 26North Partners, valuing the unit at USD 885 million. As part of the transaction, several European brands, including AGA Rangemaster, previously wholly owned by Middleby, will move under the ownership of 26North Partners. Middleby will retain a 49 percent non-controlling interest in a standalone joint venture and is set to receive approximately USD 540 million in upfront cash, along with a USD 135 million seller note. The transaction, expected to close in the first quarter of 2026, aligns with Middleby’s strategy to transition into a pure-play commercial foodservice company.

Source: The Middleby Corporation