Elgin-based manufacturer looks to expand via residential sector.
In a move aimed at expanding its sales in the residential sector, the Middleby Corporation (NASDAQ:MIDD) has acquired Viking Range Corporation for $380 million in cash. Mississippi-based Viking manufacturers premium residential cooking ranges, ovens and kitchen appliances and has approximately $200 million in annual revenues.
In announcing the deal, Selim Bassoul, chairman and CEO of the Middleby Corporation said his company's TurboChef, Jade and MagiKitch'n brands have residential platforms that will integrate well with Viking. "We are so excited to take what we've learned from the professional chef and bring it to the residential chef.
"Our goal is to expand this new residential platform using the same strategy in which we have successfully developed our commercial foodservice and food processing businesses," Bassoul continued. "This expansion would include growth through future acquisitions, new product introductions and leveraging the current Middleby global sales, service and distribution infrastructure to introduce Viking products in emerging markets."
Viking is expected to continue to operate from its Greenwood, Miss., location and Fred Carl Jr., founder, president and CEO of Viking, is expected to continue with the company.