The Middleby Corp.

The Middleby Corp.

The Middleby Corp.

Overview
Date Founded

1988

Headquarters

1400 Toastmaster Drive, Elgin, IL, 60120, USA

Type of Company

Public

Employees (Worldwide)

9,778

Industries

Industrial Machinery & Manufacturing
Computer Software
Food
Wholesale: Industrial Products & Manufacturing

Company Description

The Middleby Corp. engages in the design, manufacture, marketing, and distribution of foodservice equipment. It operates through the following segments: Commercial Foodservice Equipment Group, Food Processing Equipment Group, Residential Kitchen Equipment Group, and Corporate and Other. The Commercial Foodservice Equipment Group segment manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry. The Food Processing Equipment Group segment includes manufactures preparation, cooking, packaging food handling, and food safety equipment for the food processing industry. The Residential Kitchen Equipment Group segment manufactures, sells, and distributes kitchen equipment such as cookers, stoves, ovens, refrigerators, dishwashers, microwaves, cooktops, wine coolers, ice machines, ventilation, and outdoor equipment for the residential market. The Corporate and Other segment refers to the corporate and other general company assets and operations. The company was founded in 1888 and is headquartered in Elgin, IL.

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Executives & Employees

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

General Manager, Coffee Solutions Group

Head, Middleby Buying Group & Dealer Strategy

Beverage Group President

President, Middleby Ventless Solutions

Director, Key Accounts

Corporate Treasurer

Executive Vice President, Coffee Solutions Group

Board of Directors

Managing Partner at Cannon Capital LP

Co-Founder at Recros Medica, Inc.

President & Chief Executive Officer at Chapin Creative LLC

Chief Executive Officer at The Middleby Corp.

Chief Operating Officer at Ziyad Brothers Importing

Former Chairman, President & Chief Executive Officer at EOP, Inc.

Former President at The Delfield Co. LLC

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Owners & Shareholders
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EdgePoint Investment Group seeks to buy growth companies at value prices and makes long-term investments viewing stock as an ownership interest in a company and seeking to acquire these ownership stakes at prices below their assessment of their true worth. The firm focuses on companies with strong competitive positions, defendable barriers to entry and long-term growth prospects that are run by competent management teams. These holdings generally reflect their views looking out more than five years. EdgePoint Investment Group buys good, undervalued businesses and holds them until the market fully recognizes their potential. They sell a security for one of two reasons: (1) if their thesis about the company is deemed no longer valid. If the firm can no longer stand behind their thesis, they can no longer stand behind an ownership interest in the business and the position is sold; and (2) there's a constant culling process whereby they continuously strive to upgrade the quality of their portfolios with better ideas. For fixed income investments, the firm looks for securities that provide an attractive return through coupon payments and/or capital appreciation while focusing on the borrower's (or bond issuer's) ability to meet its debt obligations through the payment of periodic coupons and the return of the original principal at maturity.

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GS&Co.'s PWM manages advisory accounts and invest it in multiple asset classes. The firm utilizes strategies that invest in particular asset classes and investments, including structured investments (including structured notes, certificates of deposit, warrants, ownership units and other types of investment interests whose return is dependent upon the returns of one or more referenced assets) and listed and OTC options. Depending on the strategy selected, there may be embedded leverage in options, futures and other securities.

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TCAM’s investment process starts by choosing the right companies. The firm looks for good companies with strong management that driver their intrinsic value higher over time. After choosing the right company, they formulate and maintain a view of each company’s value. They then construct an optimal portfolio which is diversified over almost 25 companies in largely unrelated industries. The size of each holding determined by many factors, the most important being how attractively priced it is.

Recent Transactions
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The Middleby Corp. purchases Deutsche Beverage Technology from Third Century Investment Associates LP

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The Middleby Corp. purchases Automated Equipment LLC /Ram Fry Dispensers from Automated Equipment LLC

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The Middleby Corp. purchases Synesso, Inc.

Clients

Seven & i Holdings Co., Ltd. engages in the planning, management, and operation of its group companies. It operates through the following segments: Domestic Convenience Store, Oversea Convenience Store, Superstore Operations, Department Store Operations, Financial Services, Specialty store, and Others. The Domestic Convenience Store segment operates directly managed and franchised stores under the name of 7-Eleven in Japan. The Oversea Convenience Store segment operates directly managed and franchised stores under the name of 7-Eleven in oversea. The Superstore Operations segment manages supermarkets and specialty shops. The Department Store Operations segment includes department store business, which mainly centers on Sogo and Seibu Co., Ltd. The Financial Services segment deals with bank, credit card, lease, and other businesses. The Specialty store segment engages in the retail business that provides distinctive products and services. The Others segment includes information technology business and other services. The company was founded in 1920 and is headquartered in Tokyo, Japan.

Starbucks Corp. engages in the production, marketing, and retailing of specialty coffee. It operates through the following segments: Americas; China/Asia Pacific (CAP); Europe, Middle East, and Africa (EMEA); and Channel Development. The Americas, CAP, EMEA segments sells coffee and other beverages, complementary food, packaged coffees, single-serve coffee products, and a focused selection of merchandise through company-oriented stores, and licensed stores. The Channel Development segment include sales of packaged coffee, tea, and ready-to-drink beverages to customers outside of its company-operated and licensed stores. The company brands include Evolution Fresh, Teavana, Tazo Tea and Seattle's Best. Starbucks was founded by Jerry Baldwin and Howard D. Schultz on November 4, 1985 and is headquartered in Seattle, WA.

Walmart, Inc. engages in retail and wholesale business. The Company offers an assortment of merchandise and services at everyday low prices. It operates through the following business segments: Walmart U.S., Walmart International, and Sam's Club. The Walmart U.S. segment operates as a merchandiser of consumer products, operating under the Walmart, Wal-Mart, and Walmart Neighborhood Market brands, as well as walmart.com and other eCommerce brands. The Walmart International segment manages supercenters, supermarkets, hypermarkets, warehouse clubs, and cash & carry outside of the United States. The Sam's Club segment comprises membership-only warehouse clubs and samsclubs.com. The company was founded by Samuel Moore Walton and James Lawrence Walton in 1945 and is headquartered in Bentonville, AR.

Key Stats and Financials As of 2019
Market Capitalization
$7.63B
Total Enterprise Value
$7.98B
Earnings Per Share
$6.33
Revenue
$2.96B
Enterprise Value / Sales
2.7x
TEVNet Income
22.66x
Debt TEV
0.25x
Total Equity
$1.95B
Total Debt
$1.97B
Net Profit
$352M
EBITDAMargin
20.66%
Enterprise Value EBITDAOperating
12.9x
EBITDA
$612M
Three Year Compounded Annual Growth Rate Of Revenue
9.28%
Five Year Compounded Annual Growth Rate Of Revenue
12.58%
Non-Profit Donations & Grants
$10K - $25K
2016
$10K - $25K
2014
$2,500 - $4,999
2013
Investors
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Investor at NuORDER, Inc.

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Venture Partner at SOSV LLC

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Investor at ezCater, Inc.

Suppliers
Moog, Inc. Industrial Machinery & Manufacturing | East Aurora, NY

Moog, Inc. is a designer, manufacturer, and systems integrator of precision motion and fluid controls and systems for applications in aerospace and defense and industrial markets. It operates through the following segments: Aircraft Controls, Space & Defense Controls, and Industrial Systems. The Aircraft Controls segment design, manufacture, and integrate primary and secondary flight controls for military and commercial aircraft and provide aftermarket support. The Space and Defense Controls segment involves in controlling satellites, space vehicles, launch vehicles, armored combat vehicles, tactical and strategic missiles, security and surveillance, and other defense applications. The Industrial Systems segment involves in customizing machine performance components and systems utilizing electrohydraulic, electromechanical, and control technologies in applications involving motion control, fluid control, and power and data management across a variety of markets. The company was founded by William C. Moog, Arthur Moog, and Lou Geyer in 1951 and is headquartered in East Aurora, NY.

Methode Electronics, Inc. IT Consulting & Services | Chicago, IL

Methode Electronics is a leading developer of custom-engineered and application-specific products and solutions utilizing the latest technologies. From biometric identification utilizing the unique characteristics of human skin structure; to magnetic signature sensing of mechanical and electrical properties; to the revolutionary solid-state touch sensitive switches used in today's appliances and automobiles, Methode's extensive toolbox of technical solutions help our customers differentiate their products. Our regional design and customer support centers, coupled with manufacturing campuses in the Americas, Europe, and Asia allow Methode to bring a total business solution to customers worldwide. We leverage the talents of our 2,800 employees to serve a diversified group of customers in four market areas: User Interfaces, Sensor and Switches, Power and Data. Methode helps customers win in their end markets by providing an unmatched combination of customer focus, differentiated technology, problem solving and world -class manufacturing.

Competitors
Illinois Tool Works, Inc. Industrial Machinery & Manufacturing - Glenview, IL

Illinois Tool Works, Inc. manufactures industrial products and equipment. It operates through the following segments: Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers & Fluids, Welding, Construction Products, and Specialty Products. The Automotive OEM segment produces components and fasteners for automotive-related applications. The Test & Measurement and Electronics segment manufactures equipment, consumables, and related software for testing and measuring of materials, structures, gases and fluids. The Food Equipment segment supplies commercial food equipment and provides related services. The Polymers & Fluids segment provides adhesives, sealants, lubrication and cutting fluids, janitorial and hygiene products, and fluids and polymers for auto aftermarket maintenance and appearance. The Welding segment furnishes arc welding equipment, consumables and accessories for a wide array of industrial and commercial applications. The Construction Products segment makes construction fastening systems and truss products. The Specialty Products segment manufacturing beverage packaging equipment and consumables, product coding and marking equipment and consumables, and appliance components and fasteners. The company was founded by Byron L. Smith in 1912 and is headquartered in Glenview, IL.

Qingdao Haier Co., Ltd. Appliances & Electronics - Qingdao, China

Haier Group is a global leading networked home appliance & furnishing supplier and virtual-real distributor Founded in Qingdao, China in 1984, Haier has grown from a small plant close to bankruptcy into a global group with an annual turnover of 163.1 billion yuan (2012). It has five R & D centers, 61 trade companies, 21 industrial parks and over 80,000 employees worldwide, with its customers spread in over 100 countries and regions. According to the data released by Euromonitor, an authoritative consumer market survey agency, Haier has topped the list of global home appliance brands for four consecutive years and ranked 8th on the list of the "Most Innovative Companies 2012" released by The Boston Consulting Group. Successful enterprises move with the times. Over the 28 years since its establishment, Haier has kept peace with the times focusing on customer demands. After implementing Brandind Strategy, Diversification Strategy, Internationalization Strategy and Global Brand Strategy, it entered the stage of the fifth strategy--Networking Strategy in December 2012, building a networking enterprise to get in line with networking markets. Guided by the strategy, Haier has changed from a large-sized enterprise into an open platform-based enterprise, building two platforms based on two listed companies--Qingdao Haier (ticker symbol: 690) and Haier Electronics (ticker symbol: 1169). The 690 platform based on Qingdao Haier has been advancing networking household appliance and furnishing through disruptive innovation. It has established an open innovation system based on the R & D centers in the US, Europe, China, Japan and Australia & New Zealand, and forged strategic partnerships with over 200 top suppliers, research institutions, prestigious universities and innovative companies, thus bringing into being an innovative eco-circle involving over 1.2 million scientists and engineers through the medium of virtual-physical network. By late 2012, Haier had applied for 13,952 patents and won 8,987 patents, and had submitted 84 international standard proposals as the home appliance manufacturer that has submitted the most international standards in China. Of these submitted proposals, 28 have come into effect. On this basis, Haier has worked with its global strategic partners to build four patent pools in the field of disruptive innovation, covering over 1,100 patents, and has taken the lead in applying the technology of wireless power transmission in mass production of home appliances. The 1169 platform based on Haier Electronics has been advancing the business eco-network based on the distribution platform and the interactive platform. By building the competitiveness from the integration of marketing network, virtual network, logistics network and service network, it offers customers the optimal experience of virtual-physical integration. In China, over 30,000 Haier stores, 190,000 village-level interface offices and Haier's own online mall have constituted a network of customer loyalty. Over 90 logistics centers and over 2,800 secondary distribution stations have enabled Haier to deliver products within 24 hours in 400 cities and over 1,500 districts and counties and within 48 hours in 460 districts and counties. The competitive edge of four-network integration has attracted a host of domestic and overseas famous brands like GE, Donlim and Whirlpool for Haier's logistics channel Goodaymart. The open bulky logistics platform serves the country's five major e-commerce operators and home appliance and furniture manufacturers. In the Internet era, Haier fills the organization with passion and creativity through the Win-win Model of Individual-Goal Combination, to promote the sustained and healthy development of the enterprise, its organizational structure has been transformed fundamentally from a "triangle" into an "inverted triangle" and been further flattened into a network with ZZJYT as the basic innovation unit, every node of the organization is driven by customers rather than leaders and meets customer demands through open connection with external resources. The innovation model has been concerned and studied by world-famous business schools and management experts, and is considered to be likely to crack the management problem in the Internet era. After the case of "Haier culture activating shock fish" made its way into the case library of Harvard Business School, the case of "Haier's cross-culture integration featuring individual-goal combination" has been included in the case library of the European top business school IESE. The Win-win Model of Individual-Goal Combination is guiding Haier in building a global brand in the Internet era by its modernity and internationality.

Whirlpool Corp. Appliances & Electronics - Benton Harbor, MI

Whirlpool Corp. is engaged in manufacturing and marketing home appliances. The company's products include home laundry appliances, home refrigerators and freezers, home cooking appliances, home dishwashers, and room air-conditioning equipment, mixers, and portable household appliances. Its brands include Whirlpool, KitchenAid, Maytag, Consul, Brastemp,Amana, Bauknecht, JennAir, and Indesit. The company operates through the following segments: North America; Europe, Middle East & Africa; Latin America; and Asia. Whirlpool was founded by Emory Upton, Fred Upton, and Louis C. Upton in 1898 and is headquartered in Benton Harbor, MI.

Awards & Honors
Rank #25
2012
Forbes Magazine - 50 Best Small Companies 2012
Sponsored by Forbes Media LLC
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