Business Wire·Dec 4, 2025, 6:30 AM ET

Middleby to Sell 51% Stake in Residential Kitchen Business to 26North in Transaction Valuing the Business at $885 Million

Middleby announced a definitive agreement to sell a 51% stake in its Residential Kitchen business to 26North Partners LP affiliates.
The transaction values the Residential Kitchen business at $885 million.
Middleby will receive approximately $540 million in upfront cash proceeds & retain a 49% non-controlling interest in the new joint venture.
The joint venture will also receive a $135 million seller note from Middleby.
This deal follows the previously announced spin-off of Middleby's Food Processing business, which is expected to close in H1 2026.
Upon completion, Middleby will transform into a pure-play commercial foodservice leader.
The Residential Kitchen portfolio includes brands such as Viking, AGA Rangemaster, La Cornue, Kamado Joe, Marvel, Novy, & U-Line.
As a standalone commercial foodservice entity, Middleby reported 2024 annual revenue of $2.38 billion, $654 million in Adjusted EBITDA, & an Adjusted EBITDA margin above 27%.
Financial results for the Residential Kitchen business will be reported as discontinued operations starting Q4 2025.
The transaction is expected to close in Q1 2026, subject to regulatory approvals & customary closing conditions.
Goldman Sachs served as exclusive financial advisor to Middleby, with Skadden serving as legal counsel.
Kirkland & Ellis LLP served as legal counsel to 26North.
A conference call to discuss the announcement was scheduled for 8:30 a.m. Eastern Time on December 4, 2025.