26North and The Middleby Corporation Agree to Form $885 Million Partnership for Residential Kitchen, a Leading Collection of Premium Cooking, Refrigeration and Outdoor Living Brands

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6:30 AM on Thursday, December 4

The Associated Press

NEW YORK--(BUSINESS WIRE)--Dec 4, 2025--

26North Partners (“26North”) and The Middleby Corporation (“Middleby”) (NASDAQ: MIDD) today announced that affiliates of 26North have agreed to purchase a 51% controlling interest in Middleby’s Residential Kitchen business at a valuation of $885 million, creating a leading platform in premium cooking, refrigeration and outdoor living. Middleby will own a 49% non-controlling interest in the new standalone joint venture. The transaction highlights 26North’s flexible, solutions-oriented approach to corporate partnerships and carveouts.

Residential Kitchen’s portfolio includes iconic, category-defining brands in Europe and the US, such as Viking, AGA, Rangemaster, La Cornue, Lynx, U-Line, Kamado Joe and Masterbuilt. These brands bring together performance, design and craftsmanship to make the kitchen the true heart of the home.

“We are proud to have the opportunity to partner with Middleby,” said Mark Weinberg, 26North Partner and Head of Private Equity. “This transaction creates a dedicated platform for the most influential and iconic brands in residential cooking, allowing them to continue setting the pace for the industry.”

“This partnership pairs the focus and agility of an independent company with the long-standing dealer relationships and incredible consumer awareness of Residential Kitchen’s established portfolio,” said Jon Garcia, 26North Partner and Head of the Alpha Creation Team. “We look forward to building on the legacy of these remarkable brands by investing to deliver a world-class experience to the trade, our dealers and ultimately our customers.”

The transaction also supports Middleby’s ongoing transformation into a focused commercial foodservice solutions provider.

“This transaction enables Middleby to partially monetize our Residential Kitchen business and provides significant upfront cash proceeds to invest in shareholder return initiatives, while at the same time enabling Middleby to participate in Residential Kitchen’s upside potential,” said Tim FitzGerald, Middleby CEO. “We are excited to partner with 26North given its ability to create value in collaboration with corporate partners.”

The transaction is subject to customary regulatory approvals and closing conditions. The Middleby Residential Kitchen business joins a growing family of 26North’s private equity investments in established companies, including ArchKey Solutions, AVI-SPL, NEP Group and Onelife Fitness. Each reflects 26North’s philosophy of partnering with management teams to back durable, category-leading companies in sectors underpinned by positive long-term secular trends.

Advisors

Goldman Sachs & Co. LLC is serving as the exclusive financial advisor to Middleby, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel. Ernst & Young LLP is advising 26North, and Kirkland & Ellis LLP is acting as legal counsel. Silver Point Capital Direct Lending led and provided debt financing.

About 26North

26North Partners LP is an integrated, multi-asset-class investment platform founded by Josh Harris that provides investment advice and opportunities to its clients across private equity, credit, insurance and reinsurance strategies.

The 26North team brings decades of experience managing third-party capital to help clients achieve their financial goals while making a lasting impact on the communities in which they operate.

Since launching in 2022, 26North has grown to approximately $32 billion in assets under management.

About Middleby

The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice, food processing, and residential kitchens. Middleby showcases its advanced solutions in the Middleby Innovation Kitchens for commercial foodservice, industrial baking and protein Innovation Centers for food processing solutions and state-of-the-art, award-winning Middleby Residential showrooms. For more information about Middleby, please visit www.middleby.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20251204257596/en/

CONTACT: For 26North

Cristina Alesci

Managing Director

917 692 2110

[email protected]

For The Middleby Corporation:

Investors:

Rebecca Ellin

SVP of Investor Strategy and Corporate Development

[email protected]

Media: