The Middleby Corporation has finalized its previously announced acquisition of Masterbuilt Holdings and its residential outdoor brands Kamado Joe and Masterbuilt.
The company has also completed the acquisition of Char-Griller, a leader in residential outdoor charcoal and gas cooking products based in Atlanta with of approximately $150m in 2021.
Tim FitzGerald, CEO of Middleby, said: “We continue to make strategic acquisitions that strengthen our three industry-leading foodservice platforms. Char-Griller further adds to our product offerings for the outdoor market and the growing number of backyard cooking enthusiasts.
“With complementary customers and channels of distribution, Char-Griller provides Middleby Residential with added growth opportunities. There are meaningful synergies to leverage supply chain, manufacturing, product development and distribution capabilities.
“The addition of Kamado Joe, Masterbuilt and Char-Griller outdoor cooking brands expand the revenues of our Middleby Residential platform to more than $1 billion.”
Mr FitzGerald said the business remains committed to delivering products and innovations to support evolving indoor and outdoor kitchen demands.
“As we continue to realize operating efficiencies across our entire residential portfolio, profitability has steadily increased for the segment. We have also made significant investments in our showrooms, sales and marketing, distribution capabilities, and international footprint that position us for long-term growth at our residential business,” he noted.