Middleby acquires QualServ Solutions in Arkansas
QualServ, based in Fort Smith, Arkansas, has annual revenues of $100 million. The company delivers "Store-in-a-Box" solutions by providing design and turnkey solutions to customers in the food service, retail and convenience store industries. Terms of the acquisition were not announced.
"This acquisition expands the Middleby product offerings to include kitchen fabrication, and will allow us to provide integrated equipment solutions with our existing portfolio of brands and products," said Middleby CEO Selim A. Bassoul. "The addition of QualServ will also enable us to further expand the services we provide to our global restaurant chain customers.
"QualServ has grown substantially over the past few years and combined with Middleby we anticipate growth through expansion of their capabilities into international markets by leveraging Middleby's global footprint," he added.
Middleby recently reported sales and earnings for the second quarter. Net earnings for the second quarter were $77,569,000 or $1.35 per share on net sales of $579,343,000 as compared to the prior year second quarter net earnings of $72,891,000 or $1.28 per share.
Middleby develops, manufactures, markets and services a broad line of equipment used in the commercial food service, food processing, and residential kitchen equipment industries. The company in recent years has acquired a number of specialty companies that complement its business, including the upscale residential oven brand Viking in 2013.