Middleby To Acquire Masterbuilt Holdings For $385M

Middleby Corp MIDD has agreed to acquire Masterbuilt Holdings LLC, a provider of outdoor residential cooking products under the Kamado Joe and Masterbuilt brands, from Dominus Capital for $385 million.
Headquartered in the Atlanta area, Masterbuilt Holdings brands are known for their outdoor residential products for cooking with charcoal and have an estimated $250 million in net sales for 2021.
The acquisition will be funded in cash and financed under Middleby's existing senior credit facility.
Middleby held cash and cash equivalents of $251.5 million as of October 2, 2021.
The transaction is expected to close in December 2021.
"The residential outdoor market has gained momentum over the past few years as consumers are spending more time in the backyard. The addition of Kamado Joe and Masterbuilt expands our offerings in this large and growing category, complementing our Lynx, Viking, Josper, and EVO residential outdoor cooking brands," commented Tim FitzGerald, Middleby CEO.
Price Action: MIDD shares are trading higher by 2.88% at $177.02 on the last check Monday.