Middleby Makes Offer For Lincat

The Middleby Corp. has inked an agreement to acquire Lincat Group, the British foodservice and bar equipment manufacturer, for ₤58 million ($94.95 million). The cash takeover offer by Middleby Holding UK Ltd., a wholly-owned subsidiary of Elgin, Ill.-based Middleby, was announced in England March 23.

Foodservice Equipment Reports confirmed the pending acquisition with Selim Bassoul, chairman and CEO of Middleby. In a statement released by Lincat, he called the British firm’s broad line of products “highly complementary to Middleby’s existing portfolio.”

He added, “We believe this transaction will provide for meaningful growth opportunities for both Middleby and Lincat in the UK market as we leverage Lincat’s existing sales, service and manufacturing capabilities.”

The Lincat Group manufactures commercial kitchen and bar equipment as three separate companies with approximately 300 employees. Lincat Ltd. focuses on light- and medium-duty cooking, food display and beverage equipment; IMC Ltd. manufactures kitchen machines and bar equipment; and Britannia Kitchen Ventilation Ltd. manufactures commercial kitchen ventilation units.

Alan Schroeder, chairman of Lincat, said, “Lincat will provide Middleby with a significant platform in the U.K. whilst Middleby’s diverse geographic presence will provide Lincat with increased access to overseas markets."

Middleby, which has acquired 15 companies in the past five years, emphasized the similarity in the two companies’ operating philosophies and its confidence in Lincat’s management team.

Completion of the deal is contingent on approval of both company’s shareholders, as well as various regulatory approvals.