Middleby Residential Kitchen Business To Have Controlling Stake By 26North Partners' Affiliates

(RTTNews) - The Middleby Corp. (MIDD), a manufacturer of residential and commercial kitchen equipment, and 26North Partners or 26North, a multi-asset-class investment platform, Thursday announced that affiliates of 26North have agreed to purchase a 51 percent controlling interest in Middleby's Residential Kitchen business for $885 million.

Middleby will own the remaining 49 percent in the new stand-alone joint venture.

"This transaction enables Middleby to partially monetize our Residential Kitchen business and provides significant upfront cash proceeds to invest in shareholder return initiatives, while at the same time enabling Middleby to participate in Residential Kitchen's upside potential," said Tim FitzGerald, Middleby CEO.

In pre-market activity, MIDD shares were trading at $121.50, up 1.33% on the Nasdaq.