The Middleby Corporation (MIDD) has announced that affiliates of 26North Partners have agreed to purchase a 51% controlling interest in Middleby’s Residential Kitchen business at a valuation of $885 million. Middleby will own a 49% non-controlling interest in the new standalone ...

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. ...