Standex closes sale of cooking arm ‘in line with expected timing and valuation’


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.

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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.

Tags : MiddlebyStandexStandex Food Service Equipment Group
Andrew Seymour

The author Andrew Seymour

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