The Middleby Corporation acquired Alkar Holdings, Inc. for $26.7 million, a transaction completed in December 2005, structured as all cash.
Alkar Holdings, Inc. operates in Food Processing. Alkar manufactures batch and conveyor ovens and related packaging equipment for the food processing industry under the Alkar and RapidPak brands, with approximately $60 million in annual sales.
Fit Middleby's criteria of acquiring companies that are #1 or #2 in their markets, are focused on cooking, and have patented technologies; expected to be accretive to earnings.
The purchase of Alkar allows Middleby to add to its portfolio of leading brands in cooking. Alkar is recognized as the leader in the industry due to the high quality of its product and its strong relationship with its customers.Selim A. Bassoul, Chairman and CEO, The Middleby Corporation
Advisory firms were not disclosed for this transaction.