The Middleby Corporation Completes Acquisition of TurboChef Technologies, Inc.
05 Gennaio 2009 - 11:49PM
Business Wire
The Middleby Corporation (NASDAQ: MIDD) and TurboChef Technologies,
Inc. (NASDAQ: OVEN) today announced that Middleby has completed its
acquisition of TurboChef for $3.67 in cash and 0.0486 shares of
Middleby common stock for each outstanding share of TurboChef
common stock in accordance with the terms of an agreement and plan
of merger entered into August 12, 2008 and amended November 21,
2008. The acquisition closed on January 5, 2009. Middleby financed
the transaction under its senior revolving credit facility.
TurboChef is a leader in speed-cook technology, one of the fastest
growing segments of the commercial foodservice equipment market.
TurboChef�s user-friendly speed cook ovens employ proprietary
combinations of heating technologies to cook a variety of food
products at speeds faster than that of conventional heating
methods. Having created the speed cooking category, TurboChef is
uniquely positioned to capture the growing demand in this segment.
The addition of TurboChef�s line of products will complement
Middleby�s existing industry leading brands and portfolio of
innovative technologies, and further strengthen Middleby�s position
as a global leader in the foodservice equipment industry. Selim A.
Bassoul, Middleby Chairman and Chief Executive Officer, said,
�TurboChef has done an exceptional job of taking revolutionary
cooking technology and successfully commercializing it. We believe
this technology is in the early stages of gaining a broader market
acceptance. This merger provides TurboChef with access to
Middleby�s global sales and service capabilities to support
longer-term growth opportunities.� Mr. Bassoul further commented,
�In the near term, we will focus on improving the profitability of
this business. We will quickly move to reduce redundant corporate
overhead expenses and reorganize the residential business to bring
costs in line with the current revenues. Additionally, we will
implement cost reduction initiatives to realize synergies in the
commercial oven business.� Richard Perlman, former Chairman of
TurboChef, and Jim Price, its former President, commented, �We have
long admired and respected The Middleby Corporation and its
management team and are pleased that we have been able to bring
this transaction to a successful closing.� Statements in this press
release or otherwise attributable to Middleby regarding its
business which are not historical fact are forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Middleby cautions
investors that such statements are estimates of future performance
and are highly dependent upon a variety of important factors that
could cause actual results to differ materially from such
statements. Such factors include the risks that Middleby and
TurboChef businesses will not be integrated successfully; the risk
that Middleby and TurboChef will not realize estimated cost savings
and synergies; costs relating to the proposed transaction;
disruption from the transaction making it more difficult to
maintain relationships with customers, employees, distributors or
suppliers; the level of end market activity in Middleby�s and
TurboChef�s commercial and residential markets; unpredictable
difficulties or delays in the development of new product
technology; results of pending and future litigation; access to
capital; actions of domestic and foreign governments; variability
in financing costs; quarterly variations in operating results;
dependence on key customers; international exposure; foreign
exchange and political risks affecting international sales;
changing market conditions; the impact of competitive products and
pricing and related market conditions; the timely development and
market acceptance of Middleby's products; the availability and cost
of raw materials; and other risks detailed herein and from
time-to-time in Middleby's SEC filings. The Middleby Corporation is
a global leader in the foodservice equipment industry. The company
develops, manufactures, markets and services a broad line of
equipment used for commercial food cooking, preparation and
processing. The company's leading equipment brands serving the
commercial foodservice industry include Blodgett�, Blodgett Combi�,
Blodgett Range�, Bloomfield�, Carter Hoffman�, CTX�, frifri�,
Giga�, Holman�, Houno�, Jade�, Lang�, MagiKitch'n�, Middleby
Marshall�, Nu-Vu�, Pitco Frialator�, Southbend�, Star�,
Toastmaster�, and Wells�. The company�s leading equipment brands
serving the food processing industry include Alkar�, MP Equipment�,
and RapidPak�. The Middleby Corporation was recognized by Business
Week as one of the Top 100 Hot Growth Companies of 2007, by Crain�s
Chicago Business as one of the Fastest 50 Growth Companies in 2007,
and by Forbes as one of the Best Small Companies in 2008.
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