The Middleby Corporation acquired Follett Corporation for approximately $207.7 million, a transaction completed in May 2016, structured as all cash. The deal was a Asset purchase.
Follett Corporation operates in Commercial Foodservice. Follett is a leading manufacturer of ice machines, ice and water dispensing equipment, ice storage and transport products and medical-grade refrigeration products for the foodservice and healthcare industries, headquartered in Easton, Pennsylvania with approximately $140 million in annual revenues.
Follett is a strategic fit with Middleby's growing beverage platform, complementing existing brands across domestic and international niches and enabling combined beverage and ice solutions.
Follett is a strategic fit with our growing beverage platform, complementing existing Middleby brands in a number of domestic and international market niches, and providing for opportunities to offer combined beverage and ice solutions.Selim A. Bassoul, Chairman and CEO, The Middleby Corporation
Advisory firms were not disclosed for this transaction.