Published on July 13th, 2021 | by The GC Team0
US Middleby acquires Novy for undisclosed sum
Belgian manufacturer of cooker hoods and induction hobs Novy has been acquired by US manufacturer of products including commercial and residential appliances Middleby for an undisclosed sum.
The addition of Novy expands the Middleby Residential offerings in the built-in residential segment, while broadening its international presence in the premium residential kitchen equipment market. Novy has a turnover of c.$90 million and EBITDA margins in excess of 20%. Middleby’s global sales were more than $2.5 billion in 2020 across its three business platforms and the company has a wide product range for cooking and beverage services.
The acquisition follows the Corporation’s 2015 acquisition of Aga Rangemaster and 2013 purchase of the premium US brand Viking at a time when the firm was said to be further strengthening its global reach and enhancing its position as a leader in the premium segment for residential kitchen equipment.
In a statement announcing the acquisition, the Belgian company said: “This follows a long consultation period where Novy ‘s shareholders Sofindev, BNP Paribas, Korys and the Lannoy family, who originally founded the business, have been in consultation to actively seek a new investment partner. Middleby will continue the growth of the Novy brand on the international stage, whilst sharing its goals, culture and future vision.”
Novy CEO Carlos Wanzeele commented: “Over the years, Novy has evolved into a highly respected brand thanks to industry-leading innovation, superior product quality and dedicated personal service. We have experienced greater demand as customers have chosen our brand, which has led to increased momentum. Our international presence has also grown significantly in recent years, including in the UK and Ireland.
“For Novy, this new partnership provides many opportunities in terms of product development and also access to a broader international sales network. Because of the decentralised way Middleby operates its companies, our customers and other stakeholders should experience little to no change in their daily interactions.”
Tim FitzGerald, CEO of Middleby said: “The business is well positioned in the built-in cooking segment of the residential market, a category which is growing globally and we believe there are exciting opportunities to realise synergies with our existing residential brands.”