Middleby To Buy Kamado Joe And Masterbuilt For $385 Mln

(RTTNews) - The Middleby Corporation (MIDD), a commercial cooking and industrial processing equipment maker, said on Monday that it has agreed to acquire two brands - Kamado Joe and Masterbuilt of Masterbuilt Holdings LLC, for $385 million.

The latest transaction which will be funded in a combination of cash and debt is expected to close in December.

Headquartered in the Atlanta area and known for its Kamado Joe and Masterbuilt brands, Masterbuilt has generated an estimated $250 million in net sales for 2021.

The two brands are known for outdoor residential products designed for cooking with charcoal. "The residential outdoor market has gained momentum over the past few years as consumers are spending more time in the backyard. The addition of Kamado Joe and Masterbuilt expands our offerings in this large and growing category, complementing our Lynx, Viking, Josper and EVO residential outdoor cooking brands," said Tim FitzGerald, Middleby CEO.

"Charcoal as an energy source for cooking continues to gain popularity due to its flavor profile, availability, and affordability. Kamado Joe and Masterbuilt are well positioned to capture the charcoal trend," he added.