The Middleby Corporation to Acquire PerfectFry Company Ltd.
The Middleby Corporation (NASDAQ: MIDD) today announced it has entered into an agreement to acquire the net assets and operations of PerfectFry Company Ltd., a leading manufacturer of ventless countertop frying units for the commercial foodservice industry.
Located in Alberta, Canada with approximately $4 million in annual sales. The transaction is expected to close in June 2010 and will be financed under Middleby’s senior revolving credit facility. With this acquisition, Middleby continues to expand its portfolio of leading brands and technologies in the cooking and warming segments.
“This acquisition complements our Turbochef, Cooktek, and Wells brands, establishing Middleby as a leader in ventless cooking solutions for the commercial foodservice industry.”
Selim A. Bassoul, Middleby Chairman and Chief Executive Officer, said, “We are very excited to add the unique product line of Perfectfry to complement our industry leading platform of frying technologies. The compact design and ventless technology of the Perfectfry product line provides a foodservice operator with the ability to offer fried foods in non-traditional locations utilizing a low cost solution. The fully enclosed design also provides for increased safety to the foodservice operator. Perfectfry has been recognized by the National Restaurant Association as a recipient of its Kitchen Innovation Award in 2006 and again in 2010.” Mr. Bassoul continued, “This acquisition complements our Turbochef, Cooktek, and Wells brands, establishing Middleby as a leader in ventless cooking solutions for the commercial foodservice industry.”
