26North and Middleby Partner for $885mln Residential Kitchen JV

26North and The Middleby Corporation have agreed to form a $885 million partnership for Residential Kitchen, a leading collection of premium cooking, refrigeration, and outdoor living brands. Middleby will own a 49% non-controlling interest in the new joint venture, while 26North will own a 51% controlling interest. The partnership will create a dedicated platform for iconic brands in residential cooking, allowing them to continue setting the pace for the industry. Middleby will use the transaction to partially monetize its Residential Kitchen business and invest in shareholder return initiatives.