The Middleby Corporation will acquire the Taylor Company from UTC Climate, Controls & Security, a unit of United Technologies, for $1.0 billion. Taylor manufactures beverage equipment, soft serve and ice cream dispensing equipment, frozen drink machines and automated double-sided grills.
Middleby will finance the all-cash acquisition under its existing revolving credit facility. In 2017, Taylor had revenues of approximately $315 million and $65 million of adjusted earnings before interest, taxes and depreciation (EBITDA). The transaction completion is subject to customary closing conditions, including regulatory approvals, with an expected closing early in the third quarter of 2018.
If the deal is approved, the Taylor management team is expected to remain in place and will continue to run the company from its Rockton, Ill., location.
This represents Middleby’s fourth deal in the past two months. In April the multi-line foodservice equipment manufacturer bought JoeTap, Firex SRL and Josper SA.