Benzinga | Jul 12, 2021 12:34PM EDT

Middleby Acquires Residential Appliance Brand Novy For Undisclosed Sum

* Middleby Corp (NASDAQ:MIDD) has acquired Novy, a manufacturer of premium residential ventilation hoods and cooktops based in Belgium, with sales of ~$90 million annually and EBITDA margins in excess of 20%.

* The financial terms of the deal were not disclosed.

* This addition of Novy expands Middleby Residential offerings in the built-in residential segment while broadening its international presence in the premium residential kitchen equipment market.

* The company believes there are exciting opportunities to realize synergies with their existing residential brands. The introduction of the Novy brand and products into the U.S. and U.K. markets, where Middleby Residential is well-established, will further accelerate the company's sales.

* Middleby held $309.33 million in cash and equivalents as of Apr 3, 2021.

* Price Action: MIDD shares trading higher by 1.11% at $176.88 on the last check Monday.