Foodservice equipment firm The Middleby Corp. (MIDD) has acquired California-based specialty cooking products maker Imperial Commercial Cooking Equipment, which generates revenues of around $40 million per year.
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Headquartered in Illinois, Middleby manufactures industrial processing equipment, commercial cooking equipment and residential appliances. The company’s brands include Thor, Lang, Bloomfield, Varimixer, Concordia, Globe, CTX and Ink Kegs, among others.
The CEO of Middleby, Tim FitzGerald, said, “While we are enhancing our current brand portfolio, this acquisition also expands our west coast footprint and allows us to provide broader capabilities and support to our domestic customers.” (See Middleby stock chart on TipRanks)
“Imperial has impressive manufacturing capabilities, which will provide the potential for greater efficiencies and flexibility to our commercial foodservice platform. Imperial also has an established presence in the quickly growing fast-casual chain restaurant segment, which will be a benefit to the Middleby brands as well,” FitzGerald added.
Last month, Jefferies (JEF) analyst Saree Boroditsky maintained a Buy rating on the stock with a price target of $220 (26.6% upside potential). The analyst expects the company to report earnings per share (EPS) of $2.18 in the third quarter.
Overall, the stock has a Strong Buy consensus rating based on 3 Buys and 1 Hold. The average The Middleby price target of $209 implies 20.3% upside potential. Shares have gained 91.2% over the past year.
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