New company will boost the foodservice equipment manufacturer's presence in emerging international markets.
The Middleby Corporation (NASDAQ: MIDD) has acquired the commercial refrigeration and foodservice products business of Celfrost Innovations Pvt. Ltd. Celfrost will function as part of Middleby Commercial Food Innovations Pvt. Ltd., the multi-line equipment manufacturer's newly established entity in India.
With annual sales of approximately $20 million, the Gurgaon, India-based Celfrost supplies a broad line of cold side products such as commercial grade refrigerators, coldrooms, ice machines, and freezers.
"Celfrost has an extensive marketing and service network in India, including 15 brand centers that we will strategically leverage to support Middleby's entire portfolio of brands in the market," said Selim A. Bassoul, chairman and CEO of The Middleby Corporation. "We are also excited about the opportunity to introduce the Celfrost brand and portfolio of products into other emerging markets utilizing Middleby's existing sales and marketing infrastructure."
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