Middleby to Sell 51% Stake in Residential Kitchen Business to 26North in Transaction Valuing the Business at $885 Million

ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation ("Middleby†) (NASDAQ: MIDD) today announced entry into a definitive agreement under which it will sell a 51% stake in its Residential Kitchen business to affiliates of 26North Partners LP ("26North†) in a transaction valuing Residential Kitchen at $885 million. Following this transaction, Middleby will own a 49% non-controlling interest in a new standalone joint venture holding the Residential Kitchen business, while receiving upfront cash. ...