Investment group 26North has become the new majority owner of Middleby’s residential kitchen business, in a deal worth $885m.
US-based Middleby – which owns premium brands Viking, AGA Rangemaster, La Cornue, Kamado Joe, Marvel, Novy and U-Line – will now own a 49% non-controlling interest in the new standalone joint venture, with 26North controlling the other 51%.
Since its launch in 2022, investment platform 26North has reportedly grown to approximately $32 billion in assets, with Middleby now joining its growing family of private equity investments.
Middleby says the transaction has been unanimously approved by its Board of Directors and is expected to close in the first quarter of calendar year 2026.
“Today’s announcement is a definitive step in the evolution of Middleby” said Tim FitzGerald, Middleby president and CEO. “Over the past 12 months, the Middleby team has accelerated our portfolio transformation, including announcing the spin-off of Middleby Food Processing, while investing in organic growth opportunities and returning capital to shareholders.”
“This transaction enables Middleby to partially monetize the Residential Kitchen business at an attractive valuation and provides significant upfront cash proceeds to invest in shareholder return and growth initiatives, while enabling Middleby to participate in Residential Kitchen’s upside potential.”
Meanwhile, Mark Weinberg, 26North partner and head of private equity, said the investment group was product of have the opportunity to partner with Middleby. He continued: “This transaction creates a dedicated platform for the most influential and iconic brands in residential cooking, allowing them to continue setting the pace for the industry.”