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April 21, 2021
The Middleby Corp. has agreed to acquire Welbilt, Inc. in an all-stock transaction, enhancing the Middleby commercial foodservice platform with additional products, brands and technologies, the companies announced in a press release.
The purchase price is approximately $2.9 billion in an all stock transaction, according to Reuters.
The combined business expands international operations, particularly in higher-growth regions across the globe and will drive $120 million in operational improvement with $100 million run-rate cost synergies and additional $20 million in Welbilt stand-alone business transformation program annual improvement, according to the press release.
The combined company will have approximately $3.7 billion in combined 2020 sales, 73% of which will come from the commercial foodservice segment.
The 10-year prototype is dead, plus other 2021 QSR predictions
Restaurant vendors give their takes on how quick-service operation is changing and what that means for restaurant leaders.
Time has been redefined in the new restaurant reality. (iStock)
If we were able to take the basket filled with New Year predictions and shake out some of the top observations for restaurateurs going forward, some things would be givens. For instance, it s a given that quick-service brands are increasingly embracing contactless service, drive-thrus, ghost kitchens and automation.
But QSRweb wanted to reveal more nuanced observations about what s next for quick-service brands, so we checked in with companies that provide restaurants with everything from operational and compliance software to food products and restaurant design materials.One of those experts was James Gunn-Wilkerson, the COO and CTO of CMX, a La Jolla, California-based restaurant supply chain management and operational execution