Added to YB: 2026-06-30
Pitch date: 2026-06-27
MIDD [neutral]
The Middleby Corporation
-14.99%
current return
Author Info
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Company Info
The Middleby Corporation operates in the foodservice industry worldwide. The company develops and manufactures a line of solutions used in commercial foodservice and food processing.
Market Cap
$6.1B
Pitch Price
$137.65
Price Target
N/A
Dividend
N/A
EV/EBITDA
10.78
P/E
18.48
EV/Sales
2.37
Sector
Machinery
Category
special_situation
$MIDD: a tax-free spin in ten days, and a sum-of-the-parts that's almost too tidy
MIDD (overview): Tax-free Food Processing spin (Midera, Nasdaq:MFP) on July 6, 1-for-1. Midera: ~$850M rev, ~$172M EBITDA (20% margin, 40% aftermarket), ~$200-225M net debt; 8-12x = $1.2-2.1B equity. RemainCo: $2.4B rev, $627M EBITDA + 49% residential JV. SOTP ~ whole co today=Midera near free. Risk: most-telegraphed spin, discount likely arbed; standalone costs, cyclical capex, hard-to-value residential stub.
Read full article (2 min)