Middleby CEO: ‘Working with Welbilt counterparts has only heightened our enthusiasm for merger’

Tim FitzGerald, CEO

Middleby CEO Tim FitzGerald has said that working closely with his Welbilt counterparts on their anticipated merger – one of the largest the foodservice equipment industry has ever seen – has only heightened his enthusiasm for the deal. 

The Illinois-based firm intends to take over Welbilt – which owns brands such as Cleveland, Frymaster and Garland – in an all-stock merger transaction worth $4.3 billion (£3.08 billion).

In a letter to stakeholders, Mr FitzGerald said that Middleby and Welbilt “share many similarities as companies”, including a deep commitment to customers, industry partners and employees.

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He wrote: “Having worked closely with the Welbilt team during this engagement has only heightened our enthusiasm. Following the closing of the transaction, we look forward to bringing the two organisations together to best serve our customers and the foodservice industry.”

Mr Fitzgerald added that the acquisition will bring many opportunities for the expanded growth of its collective brands, products and people.

“The complementary nature of our businesses will allow us to expand product offerings, increase operating capabilities and enhance support to our customers globally.

“Middleby and Welbilt both have a long track record of innovation. This transaction will allow us to accelerate investments in technology and solutions even further to address the rapidly changing needs of the foodservice industry.”

The deal creates an entity that will boast 80 brands and 60 manufacturing facilities, including 41 in North America.

The merger is expected to close in late 2021, pending regulatory approvals and customary closing conditions, including approval by the shareholders of both companies.

Middleby-Welbilt: What do chefs, distributors and consultants think?

Tags : MiddlebyWelbilt
Andrew Seymour

The author Andrew Seymour

1 Comment

  1. So in the age of fair trade and the encouragement of competition, how on earth can a deal like this go through with out some of the key brands not being spun off? For example he new look Middleby would have Frymaster, PItco and Dean as main stay fryers and Lincoln, Blogett, Middleby Marshal and Star conveyor ovens, Turbochef and Merrchef accelerated cooking systems, surely their combined sales and customer markets would raise a flag with the anti-trust and the Mergers and acquisition guys?

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