Middleby confirms ongoing strategic review of business portfolio

The Middleby (MIDD) Corporation confirmed that, as part of its Board of Directors’ ongoing efforts to maximize shareholder value, the Company has been conducting a strategic review of its business portfolio, which started last year. The Board, with the assistance of outside financial and legal advisors, is considering a broad range of strategic options including a potential separation of its Food Processing and/or its Residential Kitchen business units, among other alternatives. The Board and management team believe that there is unrealized value in the Company’s business portfolio and have been evaluating a wide range of options and the optimal timing to unlock that value. The Company is in advanced stages of this review and expects to reach a conclusion within the next few months. There can be no assurance regarding the results or outcome of this review. Middleby does not intend to comment further on its strategic review process unless and until its Board approves a transaction or specific course of action or otherwise determines that further disclosure is appropriate or required. Goldman Sach s serving as exclusive financial advisor to Middleby and Skadden, Arps, Slate, Meagher & Flom is serving as its legal advisor.