Middleby Sells 51% Stake in Residential Kitchen Business to 26North for $885 Million

Middleby to sell 51% stake in Residential Kitchen business to 26North for $885 million. The deal values the business at $885 million and gives Middleby upfront cash proceeds of $540 million and a $135 million seller note. The transaction marks a milestone in Middleby's transformation into a pure-play commercial foodservice leader. The company will own a 49% non-controlling interest in the joint venture.