ELGIN, Ill. -- Foodservice-equipment company Middleby Corp. has entered a definitive agreement to acquire Taylor Co. The acquisition of the beverage solutions and grill manufacturer from United Technologies will cost Middleby Corp. company $1 billion.
Besides boosting Middleby’s portfolio of frozen-drink and soft-serve ice-cream equipment, the transaction is also expected to earn more than $15 million in targeted synergies and $16 million annually in cash tax benefits.
“The acquisition of Taylor is highly strategic for Middleby and bolsters Middleby’s overall position as an industry leader in commercial foodservice,” said Selim A. Bassoul, chairman and CEO. “Taylor is a unique and premium brand in the commercial foodservice industry with leading positions in beverage, frozen dessert and grilling that are highly complementary to our existing offerings. Taylor products are well-represented across the top restaurant chains and have significant presence across all foodservice segments, including quick serve, casual dining, retail, convenience stores and institutional foodservice establishments.”
Middleby plans to retain the leadership and employees of the $315 million company, which will continue to operate out of Rockton, Ill.
The deal marks Middleby’s second acquisition this year. In April, the company purchased JoeTap, a subsidiary of AC Beverage Inc. JoeTap manufactures on-demand nitro- and cold-brew coffee dispensing equipment for the commercial foodservice industry.
The Middleby Corp. is a global leader in the foodservice-equipment industry. The company develops, manufactures, markets and services a broad line of equipment used in the commercial foodservice, food processing and residential kitchen equipment industries. The company's leading equipment brands serving the commercial foodservice industry include Blodgett, CookTek, Holman, Nu-Vu and TurboChef.
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