Core Viewpoint - Middleby is optimizing its portfolio through a residential joint venture with 26North, aiming to unlock significant shareholder value [2]. Group 1: Business Strategy - The residential platform began with the acquisition of Viking, with the goal of bringing professional kitchen experiences into homes [2]. - The company has focused on expanding its residential platform through acquisitions, product innovation, and leveraging its existing brand portfolio [2]. Group 2: Market Outlook - Despite challenges in the end markets and current tariff-related uncertainties, Middleby believes there is potential for sustainable long-term growth in the residential segment [3]. - The company has developed a unique business platform with a strong collection of industry-leading brands, including Viking, AGA Rangemaster, La Cornue, Kamado Joe, and U-Line [3]. Group 3: Rationale for Divestment - The decision to divest a portion of the business was initiated over a year ago as part of a strategy to enhance the overall business [4].