Electrolux Professional has entered into an agreement to acquire US-based Unified Brands, one of the world’s largest makers of commercial catering equipment.
The acquisition will significantly strengthen Electrolux Professional’s presence in the US market specifically and supports its focus on growth with foodservice chains.
The move will give it access to brands such as Groen, Randell, Avtec, Power Soak and CapKold, which produce cooking equipment, refrigeration, cleaning systems, ventilation and meal distribution systems.
There is no indication at this stage whether the company plans to introduce these brands to the European and UK markets.
Electrolux Professional is set to pay $244mm (£180m) for the business on a cash and debt free basis including certain tax benefits, subject to customary post-closing adjustments.
Unified Brands is currently owned by Dover Corporation, a diversified global manufacturer and solutions provider.
The business, which was founded in 1907 and has approximately 600 employees, is expected to generate approximately $135m (£100m) in revenue in 2021.
Unified Brands operates two manufacturing and R&D facilities, in Michigan and Mississippi.
Alberto Zanata, president and CEO of Electrolux Professional, said: “We are very excited to announce this transaction, which is in line with our strategy to grow our presence in the US market as well as our focus on food service chains.
“Unified Brands has a very attractive portfolio of products and brands. With its strong local market recognition, customer relations, presence in chains, and local manufacturing capabilities, this acquisition will significantly strengthen our position in the US.”
Closing is expected to take place during the fourth quarter of 2021, subject to customary regulatory approvals.
Following the acquisition, Unified Brands is expected to operate as it does today and will be reported as part of Electrolux Professional’s food and beverage segment.