Middleby acquires Concordia Coffee
Elgin-based Middleby Corp. said Tuesday it has acquired Concordia Coffee Company, a manufacturer of automated and self-service coffee and espresso machines used in the commercial food service industry.
Terms of the acquisition were not announced.
Seattle-based Concordia, which has about $15 million in annual revenues, has products that serve convenience store, hotel, restaurant chain and institutional customers, Middleby said in a news release.
"The acquisition of Concordia expands and complements Middleby's growing portfolio of brands and innovative equipment solutions serving the beverage category," said Selim A. Bassoul, Middleby chairman and CEO.
"Coffee is an important and profitable category for many of our customers," he added. " Concordia has a rich history of innovation, technology, and passion for great coffee. The fully automated espresso machines of Concordia provide for thousands of beverage combinations that are served with consistency and speed, while at the same time providing for the highest beverage quality."
Bassoul said Concordia's newest product, due to launch in the next few months, offers an on-demand brewed fresh coffee one cup at a time with zero waste.
"We are excited to offer these innovative solutions to a broadened Middleby customer base and anticipate we will realize significant sales growth at the Concordia business through leveraging Middleby's existing global sales and service infrastructure," he said.
It is the latest of a number of acquisition by Middleby in the past few years. In 2013, it acquired upscale home cooking range manufacturer Viking Range for $380 million, and in the previous year acquired commercial automatic broiler maker Nieco Corp. for an undisclosed amount.
The company is best known for its commercial cooking equipment used by companies such as McDonald's and Papa John's Pizza.