The Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Novy, a leading manufacturer of premium residential ventilation hoods and cooktops based in Belgium, with sales of approximately $90 million USD annually and EBITDA margins in excess of 20%.
“Novy is recognized 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,” said Tim FitzGerald, Middleby CEO. “We believe there are exciting opportunities to realize synergies with our existing residential brands. The introduction of the Novy brand and products into the U.S. and U.K. markets, where Middleby Residential is well-established, will further accelerate the company’s sales.”
Novy is a leading European manufacturer for residential kitchens with a best-in-class reputation. In recent years the company quickly expanded its footprint as consumers adopted their products. The addition of Novy expands the Middleby Residential offerings in the built-in residential segment, while broadening its international presence in the premium residential kitchen equipment market.
More information on the company is available at novy.com.