Middleby Corp CEO Tim FitzGerald has said the company’s proposed $4.3 billion takeover of Welbilt will “bring many opportunities” in a letter to its stakeholders.
The Elgin, Illinois-based foodservice equipment giant intends to acquire Welbilt – which owns brands such as Cleveland, Frymaster and Garland – in an all-stock merger transaction.
Mr Fitzgerald wrote: “It is an exciting day for Middleby and Welbilt. The acquisition will bring many opportunities for the expanded growth of our collective brands, products and people. The complementary nature of our businesses will allow us to expand product offerings, increase operating capabilities and enhance support to our customers globally.”
He continued: “Middleby and Welbilt both have a long track record of innovation. This transaction will allow us to accelerate investments in technology and solutions even further to address the rapidly changing needs of the foodservice industry.”
Mr FitzGerald said that Middleby and Welbilt “share many similarities as companies”, including a deep commitment to customers, industry partners and employees.
“Having worked closely with the Welbilt team during this engagement has only heightened our enthusiasm. Following the closing of the transaction, we look forward to bringing the two organizations together to best serve our customers and the foodservice industry.”
The deal creates an entity that will boast 80 brands and 60 manufacturing facilities, including 41 in North America.
The merger is expected to close in late 2021, pending regulatory approvals and customary closing conditions, including approval by the shareholders of both companies.