Middleby Completes Acquisition Of Masterbuilt's Kamado Joe, Masterbuilt Brands; Buys Char-Griller

(RTTNews) - The Middleby Corporation (MIDD), a commercial, residential cooking, and industrial process equipment company, said it has acquired Masterbuilt Holdings, LLC and its residential outdoor brands Kamado Joe and Masterbuilt, for $385 million.

Separately, the American firm also acquired Char-Griller, an Atlanta-based residential outdoor charcoal and gas cooking products maker. Char-Griller reported revenues of approximately $150 million in 2021.

Tim FitzGerald, Middleby CEO, commented: "Char-Griller further adds to our product offerings for the outdoor market and the growing number of backyard cooking enthusiasts. With complementary customers and channels of distribution, Char-Griller provides Middleby Residential with added growth opportunities. There are meaningful synergies to leverage supply chain, manufacturing, product development and distribution capabilities."

"The addition of Kamado Joe, Masterbuilt and Char-Griller outdoor cooking brands expand the revenues of our Middleby Residential platform to more than $1 billion," he added.