Investment firm 26North has acquired a 51% controlling stake in Middleby's residential kitchen business in a deal valued at $885 million, with Middleby retaining a 49% non-controlling interest. The US-based company owns premium brands including Viking, AGA Rangemaster, La Cornue, Kamado Joe, Marvel, Novy, and U-Line.
© Middleby's Kitchens
The transaction, approved unanimously by Middleby's Board of Directors, is expected to close in the first quarter of 2026. Middleby CEO Tim FitzGerald described the move as "a definitive step in the evolution of Middleby," enabling the company to monetise part of its Residential Kitchen business at an attractive valuation. The deal provides upfront cash to support shareholder returns and growth initiatives, while allowing Middleby to maintain exposure to the division's future upside.
26North, launched in 2022, now manages approximately $32 billion in assets. Partner Mark Weinberg said the investment creates "a dedicated platform for the most influential and iconic brands in residential cooking," reinforcing their position in the global kitchen sector.
The deal follows Middleby's broader portfolio transformation, including the spin-off of Middleby Food Processing and ongoing investments in organic growth opportunities.
Source: www.kbbreview.com
