ELGIN, Ill. (AP) — Middleby Corp. has agreed to acquire New Star Holdings International Inc. for $188 million in cash, the cooking equipment manufacturer said Monday.
The acquisition will allow Middleby to expand in the fast casual dining, bakery-cafe and convenience-store segments, chairman and chief executive Selim Bassoul said in a statement.
New Star makes the Star, Holman and Lang brands of commercial foodservice equipment and has earnings of about $20 million per year, before charges, and revenue of about $100 million per year. Middleby expects the deal to close in mid-December and to add to earnings next year.
The acquisition will be financed under a new loan agreement with Bank of America.
