In a cash deal valued at $105 million, Standex International Corp. has reached an agreement to sell its Cooking Solutions Group (CSG) to The Middleby Corporation. The closing of this acquisition remains subject to customary conditions, including regulatory approvals.
The Standex CSG includes a variety of foodservice equipment lines, such as APW Wyott, Bakers Pride, Tri-Star, BKI, Barbecue King and Ultrafryer. In fiscal year 2018, CSG generated net revenues of $97.9 million, which represents approximately 25 percent of Standex Foodservice Equipment Group segment’s net revenues. The business has been treated as a discontinued operation for financial reporting purposes since the first quarter of fiscal year 2019.