Middleby Corporation
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The Middleby Corporation is a publicly traded American company based in
Elgin, Illinois Elgin ( ) is a city in Cook County, Illinois, Cook and Kane County, Illinois, Kane counties in the U.S. state of Illinois. It is located northwest of Chicago along the Fox River (Illinois River tributary), Fox River. As of the 2020 United Stat ...
. The company manufactures commercial cooking equipment, industrial processing equipment, and residential appliances. The commercial cooking equipment side of Middleby does business with 97 out of the top 100 food service chains in the United States and internationally.


History


Portable ovens

The company was founded by Joseph Middleby and John Marshall in
Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...
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.


Expansion

By 1996, the company had expanded its manufacturing base overseas and had opened a manufacturing and training facility employing 190 in
Santa Rosa, Laguna Santa Rosa, officially the City of Santa Rosa (), is a Cities of the Philippines#Legal classification, component city in the Provinces of the Philippines, province of Laguna (province), Laguna, Philippines. According to the 2020 census, its po ...
, the Philippines. 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. 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 The Nasdaq Stock Market (; National Association of Securities Dealers Automated Quotations) is an American stock exchange based in New York City. It is the most active stock trading venue in the U.S. by volume, and ranked second on the list ...
over-the-counter market and became listed on the
American Stock Exchange NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known ...
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.


McDonald's ice cream machines

In 2021, the company was criticized in the media for producing ice cream machines for
McDonald's McDonald's Corporation, doing business as McDonald's, is an American Multinational corporation, multinational fast food chain store, chain. As of 2024, it is the second largest by number of locations in the world, behind only the Chinese ch ...
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.


Acquisitions

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. 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. The same year, it established Fab-Asia, Inc., a separate unit in
Manila Manila, officially the City of Manila, is the Capital of the Philippines, capital and second-most populous city of the Philippines after Quezon City, with a population of 1,846,513 people in 2020. Located on the eastern shore of Manila Bay on ...
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. Middleby purchased TurboChef in 2008 in a deal reported to be worth $200 million. 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. In 2013, The Middleby Corporation purchased
Viking Range Viking Range Corporation is an American appliance company that manufactures kitchen appliances for residential and commercial use. Today the company offers three complete lines of premium appliances including cooking, ventilation, kitchen clean- ...
for from investors Warren Stephens and Fred Carl, Jr., the latter of whom would continue at the helm of the new subsidiary. 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 AGA Rangemaster Limited is a British manufacturer of range cookers, kitchen appliances, and interior furnishings owned by Middleby Corporation in September 2015 after it received a takeover approach from Whirlpool. It employs just over 2,500 p ...
, the British manufacturer of cast-iron cooking ranges was acquired for ÂŁ129 million. In 2016, Middleby acquired Follett Ice in
Easton, Pennsylvania Easton is a city in and the county seat of Northampton County, Pennsylvania, United States. The city's population was 28,127 as of the 2020 United States census, 2020 census. Easton is located at the confluence of the Lehigh River and the Delawa ...
. In May 2018,
Taylor Company Taylor Company, previously known as Taylor Freezer Corporation, is an American manufacturer of food service equipment located in Rockton, Illinois. They are known as the supplier and maker of several machines that McDonald's uses, including their ...
, a manufacturer of ice cream dispensing equipment and frozen drink machines was acquired for $1 billion. 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 billio

In July 2022, Middleby acquired CP Packaging, a US-based equipment manufacturer.


Products and brands

* Anets * APW Wyott * 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 Toastmaster is a general term, prevalent in the United States in the mid-20th century, referring to a person in charge of the proceedings of a public speaking event. The toastmaster is typically charged with organization of the event, arrangi ...
* Turbochef * U-Line Commercial * Ultrafryer * Varimixer * Wells * Wunder-Bar


Industrial processing

* Alkar * Armor Inox * Auto-Bake * Baker * Cozzini * CVP Systems * Danfotech * Drake * Hinds-Bock * Maurer-Atmos * MP Equipment * RapidPak * Spooner Vicars * Stewart * Thurne * Ve.Ma.C


Residential

* Aga Rangemaster (acquired July 2015) * Brava Home * Char-Griller * Falcon * Grange * Kamado Joe * La Cornue * Lynx * Marvel * Masterbuilt * Rayburn Range *
Viking Vikings were seafaring people originally from Scandinavia (present-day Denmark, Norway, and Sweden), who from the late 8th to the late 11th centuries raided, pirated, traded, and settled throughout parts of Europe.Roesdahl, pp. 9â ...
* Waterford Stanley * Novy (2021)


Former brands

* 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.


Awards and recognition

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 Brinker International, Inc. (or simply Brinker) is an American multinational hospitality industry company that owns Chili's and Maggiano's Little Italy restaurant chains. Founded in 1975 and based in Dallas, Texas, Brinker currently owns, operat ...
, after installing approximately 1,200 ovens in the company's
Chili's Chili's Grill & Bar (stylized as chili's) is an American casual dining restaurant chain founded by Larry Lavine in Texas in 1975 and is currently owned and operated by Brinker International. History Chili's first location, a converted postal ...
restaurants. It was recognized as one of the best stocks of the millennium by
The Motley Fool The Motley Fool is a private financial and investing advice company based in Alexandria, Virginia. It was founded in July 1993 by co-chairmen and brothers David Gardner and Tom Gardner, and Todd Etter and Erik Rydholm. The company employs over 3 ...
and featured as a hot growth company in ''
BusinessWeek ''Bloomberg Businessweek'', previously known as ''BusinessWeek'' (and before that ''Business Week'' and ''The Business Week''), is an American monthly business magazine published 12 times a year. The magazine debuted in New York City in Septembe ...
''. Middleby has been on the ''
Forbes ''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...
'' list of ''200 Best Small Companies'' numerous times, including being listed as #12 in 2004, #10 in 2005, #9 in 2006, and continuing 9 consecutive years receiving recognition as #25 on the list in 2012. The
United States Department of Commerce The United States Department of Commerce (DOC) is an executive department of the U.S. federal government. It is responsible for gathering data for business and governmental decision making, establishing industrial standards, catalyzing econ ...
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. 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 George Homer Ryan (February 24, 1934 – May 2, 2025) was an American politician who served as the 39th Governor of Illinois from 1999 to 2003. A member of the Republican Party, he previously served as Secretary of State of Illinois from 1991 ...
. Middleby made the ''
Crain's Chicago Business ''Crain's Chicago Business'' is a weekly business newspaper in Chicago, IL. It is owned by Detroit-based Crain Communications. History The first issue of ''Crain's Chicago Business'' is dated April 17, 1978. In 1977, when Crain Communicati ...
'' Fast 50 list in 2013, also being recognized on the list in 2007 and 2009. It received a NRA Kitchen Innovations Award in 2013 for its WOW! Ovens, currently in use by the top nine pizza chains. It was also featured in the 2011 book ''Innovating...Chicago-style: How Local Innovators Are Building the National Economy''.


Notes


References


External links

* {{S&P 400 companies Manufacturing companies established in 1888 Companies based in Cook County, Illinois Companies listed on the Nasdaq Companies in the S&P 400 Companies based in Elgin, Illinois Manufacturing companies based in Illinois 1888 establishments in Illinois