Standex has sold its minority interest in Italian combi oven maker Giorik in a move aimed at making it easier to secure a buyer for its Cooking Solutions division.
The company – which closed its UK office several years ago and now supplies into the UK through third party distribution partners – revealed back in October that it had hired the investment banking division of Baird to seek “strategic alternatives” for the division after deciding it was no longer part of its future plans.
It claims that offloading its stake in Giorik to the firm’s majority owner was necessary to allow the eventual buyer of Cooking Solutions maximum flexibility and to have a supply contract with the partner in place.
The firm said it “continues to make progress” on the Cooking Solutions divestiture from its Food Service Equipment Group segment and insisted everything is on schedule.
The Cooking Solutions Group is part of the company’s Food Service Equipment Group (FSEG) segment. It includes the APW Wyott, Bakers Pride, Tri-Star, BKI, Barbecue King and Ultrafryer brands, and serves the food service, convenience store and supermarket end-markets.
In fiscal year 2018, the Cooking business generated sales of $97.9m (£75.5m), which represents approximately 25% of FSEG segment net sales, or 10% of the Company’s fiscal 2018 sales.
Standex CEO, David Dunbar, said last year: “As the business has evolved, we have determined that the Cooking Solutions Group does not align with our strategic vision. The Cooking Solutions Group portfolio includes attractive brands with a broad set of product lines that we believe would be a valuable strategic fit for a company that can provide the focus and capabilities needed to more effectively compete in this market.”