The Middleby Corporation acquires Novy Invest NV

The Middleby Corporation acquired Novy Invest NV for approximately $250.9 million, a transaction completed in July 2021, structured as all cash.

Novy Invest NV operates in Residential Kitchen, is based in Belgium. Middleby announced in July 2021 the acquisition of Novy, a Belgian maker of premium residential ventilation hoods and cooktops, with annual sales of roughly $90 million and EBITDA margins above 20%. Management described Novy as a leader in built-in cooking that complements Middleby's growing premium residential brand portfolio. The company planned to introduce Novy's products into the U.S. and U.K. markets where Middleby Residential is already established.

Strengthened the Residential Kitchen platform with a premium European ventilation and cooktop brand.

Advisory firms were not disclosed for this transaction.

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