Standex To Acquire Equity Position in Italy-Based Giorik S.p.A

Look for Giorik technology in BKI’s combi ovens. Standex Int’l. is acquiring a minority stake in the Italian maker of cooking equipment, including a line of combi ovens.

In an all-cash transaction, Standex will acquire a 20% equity ownership position in privately held Giorik S.p.A., and the Standex Food Service Equipment Group will become the exclusive North American and United Kingdom distributor of Giorik’s Steambox line of convection/steam ovens. The Salem, N.H., company’s BKI-Worldwide division will incorporate the Giorik product line and technology into its launch of its next generation CombiKing combi oven, debuting at the NRA and FMI Food Retail shows this month.

Giorik, founded in 1963 and headquartered near Venice, reported 2011 sales of approximately $17 million.

"Acquiring a minority stake in Giorik is a key step forward for Standex as we expand and strengthen our position in the global foodservice equipment industry," said Standex Pres. and CEO Roger Fix.

Giorik Pres. Paolo Candiago commented: “Having Standex join Giorik as a corporate partner will enhance our longstanding position as a technology leader in the professional cooking equipment industry. We look forward to working together with this respected enterprise in a mutual effort to pursue new applications and new customers for our expanding portfolio of innovative products."

Standex FSEG businesses are mostly grouped into two divisions, Standex Cooking Solutions Group and Standex Refrigerated Solutions Group. In addition to BKI, they include American Foodservice, APW Wyott, Bakers Pride, Tri-Star, Federal Industries, Kool Star, Master-Bilt, Nor-Lake, Inc. and Procon.