Core Viewpoint - 26North Partners, led by billionaire investor Josh Harris, has acquired a controlling 51% stake in Middleby's kitchen-products division, which is valued at $885 million [2][3]. Company Overview - Middleby designs and manufactures cooking equipment for commercial, residential, and industrial applications, with a current market value of approximately $6 billion [3]. - The kitchen-products division includes luxury cookware brands such as Viking, Lynx, La Cornue, Rangemaster, and Aga [2]. Financial Details - The deal values the kitchen-products division at $885 million, with 26North owning 51% and Middleby retaining the remaining stake [2][3]. - Middleby reported a revenue of about $2.4 billion from its commercial food-service platform last year [6]. Market Context - Middleby shares have experienced a decline of over 11% year-to-date due to challenges in the restaurant industry, including lower foot traffic and rising food costs [5]. - Following the announcement of the deal, Middleby shares increased by over 4% [5]. Strategic Moves - Middleby is focusing on its commercial food services by spinning out its food-processing business, a decision influenced by activist investor Ed Garden [6]. - 26North Partners is actively seeking private-equity opportunities, with the Middleby transaction marking its sixth deal in about a year [7].

Group 1 - 26North is set to acquire a 51% stake in the kitchen-products division, which includes several luxury cookware and equipment brands [1]