Middleby Corp. is acquiring high-speed oven manufacturer TurboChef Technologies Inc. in a deal worth $200 million. In its announcement, Middleby said it believes TurboChef's technology is in the early stages of gaining broader market acceptance, which will be boosted with the Middleby global sales and service platform and its operating expertise.
“The acquisition of TurboChef will strengthen Middleby's position as a global leader in the foodservice equipment industry,” says Middleby Chairman/CEO Selim Bassoul. “Having created the speed cooking category, TurboChef is the most widely known brand name in the category. The addition of TurboChef's line of products will complement Middleby's existing industry leading brands and portfolio of innovative technologies.”
TurboChef had a net loss of $6.8 million in its most recent fiscal quarter as revenue fell to $21.2 million, the result of the recent economic slowdown.
“Since we reported our first quarter results, we've seen the economy have a dampening effect on our commercial revenues,” says Chairman Richard Perlman. “While our customer relationships remain very strong, our customers are also being affected by the economy in this challenging environment.”