The Middleby Corporation acquired CookTek LLC for $9 million, a transaction completed in April 2009, structured as all cash.
CookTek LLC operates in Commercial Foodservice. CookTek is a leader in the manufacture of induction cooking and warming systems for the commercial foodservice industry, with approximately $10 million in annual sales. Financed under Middleby's senior revolving credit facility, with an additional earnout.
Added induction technology, which is 30% to 50% more efficient than traditional gas and electric ranges and can be used without a vent or hood, complementing Middleby's portfolio of innovative cooking technologies.
Advisory firms were not disclosed for this transaction.