According to a statement, the acquisition follows a long consultation period where Novy‘s shareholders, Sofindev, BNP Paribas, Korys and the Lannoy family, who originally founded the business, have been in consultation to actively seek a new investment partner.
The deal is said to be part of Novy’s global expansion strategy, which will see it join Middleby’s portfolio of brands which includes Aga, Rangemaster, La Cornue and Viking.
Speaking about the acquisition, Novy chief executive Carlos Wanzeele said: “Over the years, Novy has evolved into a highly-respected brand thanks to industry-leading innovation, superior product quality and dedicated personal service. We have experienced greater demand as customers have chosen our brand, which has led to increased momentum. Our international presence has also grown significantly in recent years, including in the UK and Ireland.
“For Novy, this new partnership provides many opportunities in terms of product development and also access to a broader international sales network. Because of the decentralised way Middleby operates its companies, our customers and other stakeholders should experience little to no change in their daily interactions.”
Tim FitzGerald, CEO of Middleby, added: “We look for well-known and highly-respected brands with industry-leading technology for Middleby. Novy is recognised for its market-leading innovations and product designs, complementing our expanding portfolio of premium residential brands. The business is well-positioned in the built-in cooking segment of the residential market, a category which is growing globally and we believe there are exciting opportunities to realise synergies with our existing residential brands.”
Kbbreview has contacted Novy for further clarification on how the deal will affect its UK operation.