Middleby agrees to acquire Kamado Joe and Masterbuilt
ELGIN -- The Middleby Corporation today announced the acquisition of Masterbuilt Holdings LLC, a leader in outdoor residential cooking under the Kamado Joe and Masterbuilt brands with an estimated $250 million in net sales for 2021.
Headquartered in the Atlanta area, the brands are known for their outdoor residential products designed for cooking with charcoal. The purchase price of $385 million will be funded in cash and financed under Middleby's existing senior credit facility. The transaction is expected to close in December 2021, subject to completion of closing conditions.
"The residential outdoor market has gained momentum over the past few years as consumers are spending more time in the backyard," Middleby CEO Tim FitzGerald said. "The addition of Kamado Joe and Masterbuilt expands our offerings in this large and growing category, complementing our Lynx, Viking, Josper and EVO residential outdoor cooking brands.
"Consumers are seeking products to enhance and simplify the backyard grilling experience. The Kamado Joe and Masterbuilt brands have grown rapidly as the company's new products have been adopted by the next generation of outdoor enthusiasts. Charcoal as an energy source for cooking continues to gain popularity due to its flavor profile, availability, and affordability. Kamado Joe and Masterbuilt are well positioned to capture the charcoal trend."
Since its inception in 1973, Kamado Joe and Masterbuilt have been pioneers in outdoor cooking applications.
Today the company focuses on innovative alternative fuel products as part of their in demand premium offerings. The business will be acquired from Dominus Capital.