Middleby to buy Taylor ice cream company for $1 billion

  • Selim Bassoul

    Selim Bassoul

 
Business Wire
Updated 5/23/2018 10:45 AM

The Middleby Corp. in Elgin said it is buying the Taylor Company from UTC Climate, Controls & Security, a unit of United Technologies for $1 billion.

Taylor is a world leader in beverage solutions, soft serve and ice cream dispensing equipment, frozen drink machines, and automated double-sided grills. Middleby will finance the all-cash acquisition under its existing revolving credit facility. In 2017, Taylor had revenues of approximately $315 million and $65 million of adjusted earnings before interest, taxes and depreciation.

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The transaction has been structured to provide Middleby with a tax step-up with a net present value of approximately $150 million. The transaction completion is subject to customary closing conditions, including regulatory approvals, with an expected closing early in the third quarter of 2018.

"The acquisition of Taylor is highly strategic for Middleby and bolsters Middleby's overall position as an industry leader in commercial food service," said Middleby CEO Selim A. Bassoul. "Taylor is a unique and premium brand in the commercial food service industry with leading positions in beverage, frozen dessert and grilling that are highly complementary to our existing offerings."

He said Taylor products are well represented across the top restaurant chains and have significant presence across all food service segments including quick serve, casual dining, retail, convenience stores, and institutional food service establishments.

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