Middleby completes sale of 51% stake in Residential Kitchen to 26North for $540M cash

MIDDLEBY Corp

Proceeds $540M cash plus $135M seller note; Middleby retains 49% non-controlling interest in JV.
Transaction transforms Middleby into pure-play commercial foodservice leader; Food Processing spin-off planned.
Middleby repurchased $218M shares in Q4 2025, total $720M returned in 2025, shares reduced ~9%.
Additional $152M in share repurchases in January 2026; proceeds used to optimize capital structure.
Residential Kitchen to be reported as discontinued operations starting Q4 2025; income as minority interest.

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