Middleby Corporation dips into war chest

The Middleby Corporation has entered into a definitive agreement to acquire the U-Line Corporation, a maker of built-in modular ice-making, refrigeration and wine preservation equipment.

The move looks unlikely to have a major impact on its heavy duty commercial business as U-Line specialises in built-in equipment for the premium residential market.

It does, however, signal Middleby’s intentions to continue growing in the consumer space following its $380m (£236m) takeover of Viking at the start of last year.

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Middleby CEO, Selim Bassoul, said U-Line has an “outstanding reputation” and provides a strong strategic addition to its burgeoning residential platform.

“We are excited about the fourth quarter launch of a fully redesigned and expanded line-up of new products at U-Line and believe the company is well positioned for growth,” he said.

Founded in 1962, Milwaukee-based U-Line has been in business through three generations. It has annual revenues of approximately $60m (£37m).

As well as the residential market, U-Line also sells into the light commercial, outdoor and marine sectors.

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