The Middleby Corporation has acquired the Taylor Company from UTC Climate, Controls & Security, a unit of United Technologies, for $1 billion.
Taylor, which specialises in ice cream dispensing equipment and frozen drink machines, last year had revenues of around $315 million and $65 million of adjusted earnings before interest, taxes and depreciation.
In the past six months, Middleby has acquired freezing equipment manufacturer Scanico and solutions manufacturer Hinds-Bock Corporation.
Middleby CEO Selim A. Bassoul said: “The acquisition of Taylor is highly strategic for Middleby and bolsters Middleby’s overall position as an industry leader in commercial foodservice. Taylor is a unique and premium brand in the commercial foodservice industry with leading positions in beverage, frozen dessert and grilling that are highly complementary to our existing offerings.
“Taylor products are well represented across the top restaurant chains and have significant presence across all foodservice segments including quick serve, casual dining, retail, convenience stores, and institutional foodservice establishments. The acquisition further deepens our presence in these categories and with existing customers for new offerings in the kitchen.
“Taylor provides a leading platform to continue to build our portfolio of beverage solutions, complementing our existing brands and technologies in this product category. We believe Taylor is well positioned for growth as customers continue to invest in and expand their beverage offerings. Additionally, there are significant technology synergies amongst Taylor and our existing related businesses, which should further add to the growth opportunities in this category.”
He added: “The Taylor automated double-sided grill expands our cooking lineup with an advanced technology that provides customers with a specialised solution addressing labour savings, food safety and superior cooking performance. This acquisition enhances Middleby’s existing capabilities in automated cooking solutions and adds a critical technology as we further develop our portfolio of automated cooking solutions.”
© FoodBev Media Ltd 2018
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