Description

Middleby Sells Viking Stake: Josh Harris’s Next Billion-Dollar Power Move?

Middleby Corp.’s third-quarter performance exhibited both strategic progress and certain challenges that require careful analysis. The company reported total revenues of $980 million, surpassing its guidance range, while adjusted EBITDA reached $196 million and adjusted EPS was $2.37, both exceeding expectations. This performance underscores Middleby’s capacity to leverage its investments in marketing and strategic growth initiatives over the years. One of the critical highlights is the strategic review of Middleby’s Residential Kitchen business, including the possibility of its separation. Although the company incurred a noncash impairment charge of $709 million related to this segment, its fundamentals are reportedly strong, bolstered by iconic brands and a new state-of-the-art manufacturing facility in Greenville, Michigan. Nevertheless, the segment faces ongoing tariff-related pressures and market challenges, impacting sales and profitability. In the Commercial Foodservice segment, Middleby saw a return to organic growth driven by general market upsurge and partnerships with U.S. channel partners.