Middleby

The company was founded by Joseph Middleby and John Marshall in Chicago in 1888 as a bakery supplier. The company made custom portable ovens for the bakery industry. Middleby sold the company to Marshall in the early 1900s. The company was privately held by descendants of Marshall until it was purchased by a private company in 1976. The company was purchased by TMC Industries Ltd. in 1983 and changed its name to The Middleby Corporation in 1985 and moved its headquarters to Elgin, Illinois in the late 1980s.

By 1996, the company had expanded its manufacturing base overseas and had opened a manufacturing and training facility employing 190 in Santa Rosa, Laguna, the Philippines.{{Cite news|url = https://www.newspapers.com/clip/2888477/middleby_opens_philippines_plant/|title = Middleby Opens Philippines Plant|last = Staff|date = 6 July 1996|work = The Daily Herald|access-date = 2015-07-26|via = Newspapers.com|location = Chicago, Illinois|department = Business Briefs|page = 145}}{{Open access}}

By 2006, the company had successfully streamlined operations to an extent allowing them to close two of its seven manufacturing facilities in the United States with no loss of product lines or capacity; this was in addition to three facilities shut down in 2001 and 2002.{{Cite news|url = https://www.newspapers.com/clip/2887658/middleby_corp_to_close_plants_2006/|title = Middleby Corp. Plans to Close Plants, CEO says|last = Goldfard|first = Sam|date = 29 November 2006|work = Daily Herald|access-date = 2015-07-26|via = Newspapers.com|location = Arlington Heights, Illinois}}{{Open access}} Also in the 2001 to 2006 period, the company's income yield from sales increased from about 3% to just over 10%, while its stock valuation increased by over 15-fold,3% figure based on $3.5 million in income on $127 million in sales; 10% figure based on $31.3 million in income on $304.9 million in sales; 15-fold figure based on increase from $6 to $100 per share. performance gains which were attributed to CEO Bassoul.

The Middleby Corporation was originally available for purchase on the NASDAQ over-the-counter market and became listed on the American Stock Exchange in 1988. Its first public offering came in September 1997 with a share price offering of $10 on the NASDAQ. Selim Bassoul became the CEO of Middleby in January 2001.{{cite news|url=http://investorplace.com/2013/06/middlebys-shareholders-have-lost-their-marbles/#.UouyMuJijN8|title=Middleby's Shareholders Have Lost Their Marbles|last=Ashworth|first=Will|date=28 June 2013|newspaper=InvestorPlace|access-date=19 November 2013|publisher=InvestorPlace Media|location=Rockville, Maryland}}

In 2021, the company was criticized in the media for producing ice cream machines for McDonald's that were intentionally unreliable and difficult to repair as a means to drive up maintenance revenue. They were sued by the makers of an app, Kytch, that assisted with repair.{{cite magazine |last1=Greenberg |first1=Andy |title=The Cold War Over Hacking McDonald's Ice Cream Machines |url=https://www.wired.com/story/they-hacked-mcdonalds-ice-cream-makers-started-cold-war/ |access-date=24 April 2021 |magazine=Wired |date=April 20, 2021}}{{cite web |last1=Harris |first1=Johnny |author1-link=Johnny Harris (journalist) |title=The REAL Reason McDonalds Ice Cream Machines Are Always Broken |url=https://www.youtube.com/watch?v=SrDEtSlqJC4 |website=YouTube |access-date=24 April 2021 |language=en}}

{{cite web |title=Case 1:22-cv-00279-UNA Document 1 Filed 03/01/22 |publisher=U.S.District Court for the District of Delaware |url=https://bloximages.newyork1.vip.townnews.com/wrex.com/content/tncms/assets/v3/editorial/a/d4/ad4040ba-9a66-11ec-85cb-bfffd0adb026/621fd28bf0017.pdf.pdf |archive-url=https://web.archive.org/web/20220303005404/https://bloximages.newyork1.vip.townnews.com/wrex.com/content/tncms/assets/v3/editorial/a/d4/ad4040ba-9a66-11ec-85cb-bfffd0adb026/621fd28bf0017.pdf.pdf |accessdate=July 22, 2023 |archive-date=March 3, 2022}}

Middleby has acquired numerous businesses in the US and internationally. In 1990, Middleby acquired a majority stake in Asbury Associates Inc., a Filipino manufacturer of food service equipment.{{cite news | last =Danner | first =Patrick | title =Exporter Neal Asbury is on a Trade Mission | newspaper =The Miami Herald | publisher =Conscientious Equity | date =16 March 1990 | url =http://www.conscientiousequity.com/2009/articles/exporter-neal-asbury-is-on-a-trade-mission/ | access-date =19 November 2013 }} It increased its interest to 80% by 1991 and became the company's main export distributor internationally with the exception of Canada where Middleby already owned a distributor.{{cite web | title =Form 10-K – Middleby Corporation | publisher =Get Filings | date =30 December 2000 | url =http://www.getfilings.com/o0000891554-01-501703.html | access-date =19 November 2013}} The same year, it established Fab-Asia, Inc., a separate unit in Manila for manufacturing of kitchen equipment for markets in Asia and the United States.

Middleby initiated assimilation of MagiKitch'n brands in 2010 to their commercial appliance line.{{Cite web|url=https://www.middleby.com/newsroom|title=Find the latest from Middleby and its over 90 brands in our Newsroom section | The Middleby Corporation|website=www.middleby.com}}

Middleby purchased TurboChef in 2008 in a deal reported to be worth $200 million.{{cite news | title =TurboChef sold to Middleby as it posts deeper Q2 loss | newspaper =Atlanta Business Journal| date =12 August 2008 | url =http://www.bizjournals.com/atlanta/stories/2008/08/11/daily20.html?page=all | access-date =13 December 2013 }} It was reported by Bassoul that the purchase would strengthen the company's position as a leader in the food service equipment industry. Both companies were previously competitors in food service equipment for speed cooking pizza ovens.{{cite news | title =Middley and TurboChef: Who's Rule Pizza Expo '07 | newspaper =Appliance Magazine | date =15 March 2007 | url =http://www.appliancemagazine.com/news.php?article=1051414 | access-date =13 December 2013 }}

In 2013, The Middleby Corporation purchased Viking Range for {{US$|380 million}} from investors Warren Stephens and Fred Carl, Jr., the latter of whom would continue at the helm of the new subsidiary.{{cite news|url=http://www.dailyherald.com/article/20130102/business/701029877/|title=Elgin's Middleby Corp. acquired Viking Range|last=Mikus|first=Kim|date=2 January 2013|newspaper=Daily Herald|access-date=19 November 2013|publisher=Paddock Publications|location=Arlington Heights, Illinois}}{{cite news | last =Hagerty | first =James | title =Middleby Buys Viking Range for $380 Million | newspaper =The Wall Street Journal| date =1 January 2013 | url = https://online.wsj.com/news/articles/SB10001424127887323820104578214060413947872 | access-date =19 November 2013 }} Middleby announced that it would incorporate its technology into Viking equipment and increase residential sales, which were approximately 1% to 2% of the company's overall sales prior to the purchase. The acquisition was said to be the largest in the company's history, bringing 750 employees into the company.

In July 2015, Aga Rangemaster Group, the British manufacturer of cast-iron cooking ranges was acquired for £129 million.{{cite news|last1=Farell|first1=Sean|title=Aga Rangemaster sold to US company Middleby in £129m deal|url=https://www.theguardian.com/uk-news/2015/jul/15/aga-sold-to-us-firm-middleby-129m-pound-deal|access-date=15 July 2015|work=The Guardian|date=15 July 2015}}

In 2016, Middleby acquired Follett Ice in Easton, Pennsylvania.

In May 2018, Taylor Company, a manufacturer of ice cream dispensing equipment and frozen drink machines was acquired for $1 billion.{{cite web |title=The Middleby Corporation buys Taylor Company for $1bn |url=https://www.foodbev.com/news/middleby-corporation-buys-taylor-company-1bn/ |website=Foodbev Media |date=21 May 2018 |access-date=4 June 2018}}

In December 2021, The Middleby Corporation purchased consumer grill manufacturers Kamado Joe, Masterbuilt, and Char-Griller, which were estimated to expand the revenues of the Middleby Residential platform to more than $1 billion.[https://www.cookoutnews.com/middleby-completes-acquisitions-of-kamado-joe-masterbuilt-acquisition-and-char-griller/]

In July 2022, Middleby acquired CP Packaging, a US-based equipment manufacturer.{{Cite web |title=Middleby acquires equipment manufacturer CP Packaging {{!}} Supermarket Perimeter |url=https://www.supermarketperimeter.com/articles/8416-middleby-acquires-equipment-manufacturer-cp-packaging |access-date=2022-07-18 |website=www.supermarketperimeter.com |language=en}}{{Cite web |date=2022-07-13 |title=Middleby acquires US-based vacuum packaging company CP Packaging |url=https://www.packaging-gateway.com/news/middlesby-cp-packaging/ |access-date=2022-07-18 |website=Packaging Gateway |language=en-US}}

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• Anets
• APW Wyott{{cite web |last1=Lancaster |first1=Alaina |title=Middleby to Purchase Standex Cooking Solutions Group |url=https://www.cspdailynews.com/foodservice/middleby-purchase-standex-cooking-solutions-group |website=CSP Daily News |access-date=21 November 2019 |language=en |date=5 March 2019}}
• Bakers Pride
• Beech
• BKI
• Blodgett
• Bloomfield
• Britannia
• Carter Hoffmann
• Celfrost
• Concordia
• CookTek
• Crown
• CTX (specialized in conveyor ovens)
• Desmon
• Doyon
• Eswood
• EVO America
• Firex
• FriFri
• Follett
• Giga
• Globe
• Goldstein
• Holman
• Houno
• IMC
• Jade
• JoeTap
• Josper
• Lab2Fab
• Lang
• Lincat
• Magic Kitch'n
• Market Forge
• Marsal
• Marvel Scientific
• Middleby Marshall (specialized in conveyor ovens)
• Nieco
• NuVu (or Nu-Vu)
• Perfect Fry
• Pitco
• Qualserv
• Southbend
• SS Brewtech
• Star
• Sveba Dahlen
• Taylor Company
• Toastmaster
• Turbochef
• U-Line Commercial
• Ultrafryer
• Varimixer
• Wells
• Wunder-Bar

{{div col end}}

{{div col|colwidth=15em}}

• Alkar
• Armor Inox
• Auto-Bake
• Baker
• Cozzini
• CVP Systems {{cite news|title=The Middleby Corporation Acquires CVP Systems|url=https://www.businesswire.com/news/home/20170630005715/en/Middleby-Corporation-Acquires-CVP-Systems|access-date=13 April 2018|date=June 30, 2017}}
• Danfotech
• Drake
• Hinds-Bock
• Maurer-Atmos
• MP Equipment
• RapidPak
• Spooner Vicars
• Stewart
• Thurne
• Ve.Ma.C

{{div col end}}

• Aga Rangemaster (acquired July 2015)
• Brava Home{{cite web |title=Middleby Acquires Brava Home Inc. |url=https://www.businesswire.com/news/home/20191120005174/en/Middleby-Acquires-Brava-Home |website=www.businesswire.com |access-date=20 November 2019 |language=en |date=20 November 2019}}{{cite web |last1=Loizos |first1=Connie |title=Brava, a smart oven maker with big names attached, just sold to an industrial equipment company |url=https://techcrunch.com/2019/11/20/brava-a-smart-oven-maker-with-big-names-attached-just-sold-to-an-industrial-equipment-company/ |website=TechCrunch |access-date=20 November 2019 |date=20 November 2019}}
• Char-Griller {{cite web |title=Middleby Completes Kamado Joe and Masterbuilt Acquisition, Announces Addition of Char-Griller |url=https://www.middleby.com/newsroom/middleby-completes-kamado-joe-and-masterbuilt-acquisition-announces-addition-of-char-griller/ |website=www.middleby.com |access-date=27 February 2022 |language=en |date=29 December 2021}}
• Falcon
• Grange
• Kamado Joe
• La Cornue
• Lynx
• Marvel
• Masterbuilt
• Rayburn Range
• Viking
• Waterford Stanley
• Novy (2021)

• Victory Refrigeration: a former subsidiary and brand engaged in development of refrigeration technology; sold in 1996 to "an investor group led by local management" of the subsidiary.{{Cite news|url = https://www.newspapers.com/clip/2895630/middleby_plans_subsidiary_sale/|title = Middleby plans subsidiary sale|last = Staff|date = 5 November 1996|work = The Daily Herald|access-date = 2015-07-27|via = Newspapers.com|location = Chicago, Illinois}}{{Open access}}

Middleby has received awards and recognition, including numerous supplier awards. In 2013 it was recognized as the Supplier Partner of the Year by Brinker International,{{cite news |last=Novinson |first=Eric |title=When Restaurant Competition Heats Up, This Company Benefits|newspaper=Motley Fool |date=17 September 2013 |url=http://www.fool.com/investing/general/2013/09/17/when-restaurant-competition-heats-up-this-company.aspx |access-date=13 December 2013}} after installing approximately 1,200 ovens in the company's Chili's restaurants.{{cite news |last=Channick |first=Robert |title=Industry pros eating up what National Restaurant Association show has to offer|newspaper=Chicago Tribune |date=8 May 2012 |url=https://www.chicagotribune.com/2012/05/08/industry-pros-eating-up-what-national-restaurant-association-show-has-to-offer/ |access-date=13 December 2013}} It was recognized as one of the best stocks of the millennium by The Motley Fool{{cite news |last=Barker |first=Bill |title=The Best Stocks of the Millennium |newspaper=The Motley Fool |date=1 May 2007 |url=http://www.fool.com/investing/small-cap/2007/05/01/the-best-stocks-of-the-millennium.aspx|access-date=19 November 2013}} and featured as a hot growth company in BusinessWeek.{{cite press release |title=The Middleby Corporation Receives ACG Emerging Company Growth |publisher=Bloomberg BusinessWeek |date=20 February 2008 |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=anr_y_7ObWVk |access-date=19 November 2013}}

Middleby has been on the Forbes{{'}} list of 200 Best Small Companies numerous times, including being listed as #12 in 2004,{{cite news |last=Lambert |first=Emily |title=Sell The Sizzle |newspaper=Forbes |date=1 November 2004 |url=https://www.forbes.com/forbes/2004/1101/164.html |access-date=19 November 2013}} #10 in 2005,{{cite news |title=200 Best Small Companies |newspaper=Forbes |url=https://www.forbes.com/lists/2005/23/KR8I.html|access-date=19 November 2013}} #9 in 2006,{{Cite news|url=https://www.newspapers.com/clip/2895692/valentino_heads_middleby_worldwide/|title=Valentino to head Middleby Worldwide|last=Staff|date=27 October 2006|work=The Daily Herald|department=Local Focus|location=Chicago, Illinois|access-date=2015-07-27|via=Newspapers.com}}{{Open access}} and continuing 9 consecutive years receiving recognition as #25 on the list in 2012.{{cite news |title=Elgin's Middleby Corp. ranks on Forbes list |newspaper=The Daily Herald |date=12 November 2012 |url=http://www.dailyherald.com/article/20121112/business/711129885/ |access-date=13 December 2013}} The United States Department of Commerce recognized Middleby in 1997 with the President's "E" Award. The award was given to a total of 11 firms in the United States for recognition of their success in exporting.{{cite press release |title=Middleby receives the President's "E" Award |publisher=United States Department of Commerce via Middleby.com |date=17 December 1997 |url=http://www.middleby.com/MidCorp/InvestorServices/awards/e_award.htm |access-date=19 November 2013}} It was recognized again for its exporting in 2001 as a recipient of the Governor's Export Award presented by then Illinois Governor George Ryan.{{cite press release |title=Governor Announces 2001 Governor's Export Award Winners |date=16 August 2001 |url=http://www3.illinois.gov/PressReleases/ShowPressRelease.cfm?SubjectID=3&RecNum=1516 |access-date=19 November 2013}}

Middleby made the Crain's Chicago Business Fast 50 list in 2013,{{cite news |title=Fast Fifty 2013: Nos. 46 through 50 |newspaper=Chicago Business |date=3 June 2013 |url=http://www.chicagobusiness.com/article/20130601/ISSUE02/130539932 |access-date=13 December 2013}} also being recognized on the list in 2007{{cite news |title=The Middleby Corporation to Acquire TurboChef Technologies |publisher=Bloomberg |date=12 August 2008 |url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=azHZ6VrB4cfo |access-date=13 December 2013}} and 2009.{{cite press release |title=The Middleby Corporation Completes Acquisition of Doyon Equipment |publisher=Business Wire |date=16 December 2009 |url=http://www.businesswire.com/news/home/20091216005612/en/Middleby-Corporation-Completes-Acquisition-of%C2%A0Doyon-Equipment |access-date=13 December 2013}} It received a NRA Kitchen Innovations Award in 2013 for its WOW! Ovens, currently in use by the top nine pizza chains.{{cite news |last=Gieske |first=Carol |title=Middleby Marshall WOW! 2 OVEN Named 2013 Kitchen Innovations Award Winner|publisher=Elgin Chamber of Commerce |date=28 February 2013 |url=http://elginchamber.com/eac/news/middleby-marshall-wow-2-ovennamed-2013-kitchen-innovations-award-winner/ |access-date=13 December 2013}} It was also featured in the 2011 book Innovating...Chicago-style: How Local Innovators Are Building the National Economy.{{cite book |last=Kuczmarski |first=Thomas D. |title=Innovating…Chicago-style: How Local Innovators Are Building the National Economy |publisher=Book Ends Publishing |date=2011 |isbn=9780615548852}}

{{Reflist|group = note}}

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• {{official|https://www.middleby.com}}

{{Finance links

| name = Middleby Corporation

| symbol = MIDD

| reuters = MIDD.O

| bloomberg = MIDD:US

| sec_cik = 769520

| yahoo = MIDD

| google = MIDD:NASDAQ

}}

{{S&P 400 companies}}

Category:Manufacturing companies established in 1888

Category:Companies based in Cook County, Illinois

Category:Companies listed on the Nasdaq

Category:Companies in the S&P 400

Category:Companies based in Elgin, Illinois

Category:Manufacturing companies based in Illinois

Category:1888 establishments in Illinois