Middleby’s recent spate of acquisitions – including charcoal oven specialist Josper and beverage machine firm Taylor – are rapidly paying dividends for the company’s top line, with sales from its Commercial Foodservice Equipment Group soaring 24% last quarter.
Net sales at the company’s Commercial Foodservice Equipment Group, which represents all of its professional catering equipment brands, grew by a whopping $80m (£63m) to $414.1m (£324m) for the three months to 30 June 2018.
The acquisition of specialist industry companies is central to Middleby’s expansion strategy. Without the contribution of its newest assets, sales increased 5% during the quarter.
Last year Middleby completed the acquisitions of Sveba Dahlen, QualServ, L2F and Globe, while 2018 has seen it snap up Josper, Firex and Taylor.
Salim Bassoul, chairman and CEO (main image), said the company was delighted to have completed the “milestone” acquisition of Taylor in the second quarter.
“The acquisition is highly strategic for Middleby and significantly bolsters our overall position as an industry leader in commercial foodservice. Taylor’s leading positions in beverage, frozen dessert and grilling broadens our presence in these categories. Along with our other recent acquisitions, we are well positioned for growth as customers continue to invest in and expand their beverage offerings.
“We have received very positive feedback from our customers and believe there are substantial growth opportunities, which should be further enhanced by technology synergies amongst Taylor and our existing related businesses.”
Mr Bassoul added that bringing in Firex, which is a leader in steam cooking equipment, and Josper has also boosted its offering.
“They further extend our portfolio of leading cooking brands and product innovation in the commercial foodservice industry. In both cases, these companies are well positioned to benefit from growing foodservice trends related to steam, sous vide, and charcoal cooking. JoeTap, a leader in nitro-brew and cold-brew coffee dispensing equipment, further adds to our beverage and coffee platform. Cold-brew and nitro-brew are quickly gaining momentum and we have seen significant interest in these products from our existing customers.”