Middleby to sell 51% of Residential Kitchen unit to 26North at $885 million valuation
Middleby agreed to sell a 51% stake in its Residential Kitchen business to affiliates of 26North Partners, valuing the business at $885 million. The company will keep a 49% noncontrolling interest and receive approximately $540 million in upfront cash plus a $135 million seller note; the press release says the cash could be used to repurchase shares and optimize the capital structure ahead of the planned Food Processing spin-off.
Key points
- Rise Buyer LP, an affiliate of 26North Partners LP, will buy a 51% stake; the business is valued at $885 million.
- Middleby expects approximately $540 million in upfront cash proceeds and holds a $135 million Seller Note, while retaining a 49% noncontrolling stake.
- Closing is expected in the first quarter of calendar 2026, subject to regulatory approvals; either side may terminate if closing has not occurred by April 3, 2026.
- Sellers are entitled to a $36,108,000 termination fee from the buyer in specified circumstances.
The filing
Written by AI on Nov 8, 2026, 12:59 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 04, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.