Standex International Corporation has officially closed the sale of its Cooking Solutions Group (CSG) to the Middleby Corporation.
The $105m cash deal has gone through successfully and means
the business will now be operated by Middleby.
Commenting on the sale, Standex president and CEO, David Dunbar, stated: “We are pleased to have successfully divested the Cooking Solutions Group in line with our expected timing and valuation. I would like to wish our former CSG colleagues much success as they start a new chapter for the business.”
Baird served as investment banking advisor to Standex on the transaction.
CSG includes the APW Wyott, Bakers Pride, Tri-Star, BKI, Barbecue King and Ultrafryer brands, and serves directly and via dealers and distributors the food service, convenience store, and supermarket end markets.
In fiscal year 2018, CSG net revenues were $97.9m, which represents approximately 25% of FSEG segment net revenues, or approximately 10% of Standex’s overall net revenues for the same period.
The business has been treated as a discontinued operation for financial reporting purposes (including retrospectively for previous periods) since the first quarter of fiscal year 2019.