Middleby Buys Viking Range Corporation
Posted on January 4, 2013Middleby Corporation has acquired Viking Range Corporation for $380 million. Viking Range is a manufacturer of high-end cooking ranges, ovens and kitchen appliances. Middleby develops equipment for commercial food cooking, preparation and processing. The acquisition moves Middleby more into residential kitchens. Viking's 48-inch custom sealed burner range in kettle black is pictured on the right.
Selim A. Bassoul, chairman and CEO of the Middleby Corporation, said in a statement, "This acquisition strategically positions Middleby as a leading manufacturer in the sector with a top brand. The acquisition of Viking allows us to integrate our own patented technologies that will have a huge appeal to consumers for their residential kitchens. These technologies include speed cooking, induction and truvection."
Middleby says Viking will integrate well with its TurboChef, Jade and MagiKitch'n brands, which have residential platforms. Seeking Alpha notes that Middleby has been on a spending spree and recently acquired Nieco and Stewart Systems.