Middleby Enhances Food Processing Group With Gorreri Acquisition

Group 1: Acquisition Details - The Middleby Corporation has completed the acquisition of Gorreri Food Processing Technology, with financial terms undisclosed [1] - Gorreri, based in Italy, specializes in equipment for the baked goods industry and generates approximately $20 million in annual revenue [2] - The acquisition is expected to enhance Middleby's position in the food processing market by adding advanced baked goods solutions and innovative manufacturing processes [3] Group 2: Strategic Alignment - This acquisition aligns with Middleby's strategy of expanding market share, product offerings, and customer base through acquisitions [4] - Previous acquisitions include Emery Thompson in September 2024, which enhanced frozen dessert offerings, and GBT GmbH Bakery Technology in February 2024, strengthening its European presence in large-scale baking [4] Group 3: Market Performance and Challenges - Middleby's shares fell by 3.3$142.18, with a market capitalization of $7.6 billion [2][5] - The company faces challenges in the Residential Kitchen Equipment Group due to lower demand linked to a weak housing market and in the Commercial Foodservice Equipment Group due to declining restaurant traffic and rising costs [6] - Over the past three months, Middleby's shares have increased by 2.1%, compared to the industry's growth of 13.4% [7]