The Middleby Corporation acquired Welbilt, Inc. (terminated) for All-stock; ~$100 million anticipated annual cost synergies, a transaction announced in April 2021, structured as all stock. The deal was a Merger (terminated).
Welbilt, Inc. (terminated) operates in Commercial Foodservice. Middleby agreed to acquire Welbilt, Inc. (NYSE: WBT) in an all-stock merger to create a premier commercial foodservice platform with roughly $3.7 billion combined 2020 sales. Following a competing proposal, Middleby let its match period expire and the merger agreement was terminated on July 14, 2021 (Welbilt was subsequently acquired by Ali Group).
Combination would create a broad Commercial Foodservice equipment platform with complementary portfolios, accelerate R&D into ventless cooking, controls, automation and connectivity, and target $100 million of annual cost synergies fully realized by year three, immediately accretive to adjusted EPS.
This transaction will bring together two complementary businesses, accelerate the Middleby growth strategy into key markets globally and increase core capabilities in highly attractive segments.The Middleby Corporation, April 20, 2021 acquisition press release (Exhibit 99.1)
Advisory firms were not disclosed for this transaction.