- The Middleby (NASDAQ:MIDD) has acquired Belgium-based premium residential appliance brand Novy.
- Novy manufactures premium residential ventilation hoods and cooktops. It generates sales of ~$90M annually and EBITDA margins in excess of 20%.
- The acquisition will expand the Middleby Residential offerings in the built-in residential segment and increase its international presence in the premium residential kitchen equipment market.
- Tim FitzGerald, Middleby CEO, said, " The introduction of the Novy brand and products into the U.S. and U.K. markets, where Middleby Residential is well-established, will further accelerate the company’s sales."
- MIDD +0.33% pre-market