Here are a few brief analogies to describe Middleby (MIDD):

• The Bosch of professional kitchens and food processing equipment.
• The Caterpillar for restaurants and commercial food service.
• The Constellation Brands of kitchen appliances and equipment, owning a vast portfolio of premium brands for professional and high-end home kitchens.

• Commercial Foodservice Equipment: Manufactures and distributes a wide range of kitchen equipment for restaurants, institutions, and other commercial establishments.
• Food Processing Equipment: Provides advanced solutions and machinery for large-scale food production, encompassing preparation, cooking, baking, and packaging.
• Residential Kitchen Equipment: Produces high-end kitchen appliances, including ovens, ranges, refrigerators, and dishwashers, for premium home use.

Middleby (symbol: MIDD) primarily sells to other companies (B2B).

Middleby serves a highly diversified global customer base across its three main segments: Commercial Foodservice, Food Processing, and Residential. Due to the extensive number of individual businesses that purchase its equipment and solutions, Middleby does not disclose specific "major customer companies" (i.e., individual companies that account for a material portion of its consolidated revenue) in its public filings. Therefore, it is not possible to list specific public company names with their stock symbols as major direct customers.

Instead, Middleby's direct customers fall into the following broad categories of businesses:

• Commercial Foodservice Operators: These customers include a wide array of entities in the hospitality and institutional sectors, such as:
  • Restaurant chains (e.g., quick-service, casual dining, fine dining) and independent restaurants.
  • Hotels, resorts, and other lodging establishments.
  • Institutional facilities like schools, universities, hospitals, and corporate cafeterias.
  • Entertainment venues, theme parks, airports, and convention centers.
  Sales to these operators are often made directly or through a global network of distributors and dealers.
• Food Processing Companies: These are industrial clients involved in the manufacturing and preparation of food products on a large scale. This category includes:
  • Manufacturers in the meat, poultry, and seafood processing industries.
  • Bakeries and snack food producers.
  • Producers of prepared foods, dairy, beverages, and other specialty food items.
• Residential Appliance Distributors, Dealers, and Home Builders: For its high-end residential kitchen equipment, Middleby sells to businesses that then provide the products to the ultimate individual consumers. These direct customers include:
  • Specialized appliance distributors and dealers.
  • Home builders and remodelers for new construction and renovation projects.
  • Kitchen design firms.

Timothy FitzGerald Chief Executive Officer

Timothy FitzGerald was named CEO of Middleby in 2019, having been with the company for nearly 25 years. Prior to his CEO role, he served as Vice President and Chief Financial Officer from 2003 to 2019, and as Vice President and Corporate Controller from 1998 to 2003. Mr. FitzGerald has been instrumental in Middleby's acquisition and business development activities and directed the Middleby Worldwide international sales and distribution operations. Before joining Middleby, he held positions at Arthur Andersen in audit and consulting from 1991 to 1998, where he assisted clients with restructurings, business integrations, and mergers and acquisitions.

Bryan Mittelman Chief Financial Officer

Bryan Mittelman was appointed CFO of The Middleby Corporation in 2019, after joining the company in 2018 as Chief Accounting Officer. He brings nearly 30 years of finance experience to his role. Before Middleby, Mr. Mittelman spent five years as Vice President and Controller of Knowles Corporation. He also served as Corporate Controller at Morningstar, Inc., and held finance and accounting positions at Siemens Healthcare Diagnostics, Dade Behring, and Arthur Andersen. Mr. Mittelman is a Certified Public Accountant.

James K. Pool III Chief Technology and Operations Officer

James K. Pool III joined Middleby in 2008 following the company's acquisition of TurboChef Technologies. He had been with TurboChef since 1995, where he led the engineering efforts for the development of the company's rapid and accelerated cooking ovens. Mr. Pool has a background as both a chef and a mechanical engineer. Most recently, he was a group president with direct responsibility for Middleby's brands focused on developing advanced technologies. In 2020, he led the design and planning of the Middleby Innovation Kitchens.

Steve Spittle Chief Commercial Officer

Steve Spittle joined Middleby in 2010 and has held several leadership positions within the company since then. He was appointed Chief Commercial Officer in 2021. Most recently, he served as a group president, where he was directly involved in the overall strategy for the Middleby Commercial Foodservice Group.

Matthew Fuchsen Chief Development Officer

Matthew Fuchsen assumed the role of Chief Development Officer in 2023. In this position, he is responsible for identifying, managing, and executing Middleby's mergers and acquisitions strategy and overseeing the company's corporate tax function.

1. Economic Uncertainty and Declining Revenue: Middleby faces significant challenges due to economic uncertainty and customer headwinds across its key markets. Recent reports indicate a decline in revenue, with organic sales dropping, particularly in the Residential and Food Processing segments. This economic climate has led to reduced demand and a slowdown in equipment replacement cycles.
2. High Debt Profile and Financial Market Risks: The company maintains a high long-term debt balance, which poses a concern for its financial stability. Additionally, Middleby's defined benefit pension plans are susceptible to financial market risks, which could adversely affect its operating results and cash flows due to changes in interest rates or investment losses on plan assets.
3. Product Liability Claims and Recalls: Middleby is exposed to potential liability risks arising from the manufacturing, marketing, and selling of its products. Product liability is identified as a significant commercial risk, which could result in direct expenditures for damages, settlement and defense costs, and adverse publicity.

Commercial Foodservice Equipment

Food Processing Equipment

Residential Kitchen Equipment

Middleby (MIDD) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

1. Organic Growth in Commercial Foodservice: The Commercial Foodservice segment has returned to positive organic growth, fueled by performance in the general market, institutional customers, and emerging restaurant chains. This momentum is anticipated to continue contributing to overall revenue expansion.
2. Strong Performance and Expansion in Food Processing: The Food Processing segment has demonstrated robust order growth, particularly in international markets, and is positioned for future growth from deferred capital projects. Recent acquisitions, such as Oka-Spezialmaschinenfabrik GmbH & Co. KG and Frigomeccanica S.p.A., are expanding Middleby's portfolio and full-line solutions within this segment, further bolstering revenue potential.
3. Growth in the Ice and Beverage Platform: Middleby's ice and beverage platform has been identified as a significant area of opportunity and is projected to be a meaningful driver of growth in the coming years.
4. Strategic Restructuring and Focus: The planned separation of the Food Processing business, anticipated to be effective in May 2026, is a strategic initiative designed to create more focused and capability-aligned companies. This increased focus is expected to enable more targeted strategies and investments within the remaining business segments, thereby driving revenue growth.
5. Investments in Innovation and Facilities: Middleby is investing in future growth through the opening of new facilities and innovation centers. These investments are aimed at enhancing product offerings and customer engagement, which are critical for sustained revenue generation.

Share Repurchases

• Middleby repurchased approximately $500 million worth of shares year-to-date through September 2025, representing about 6.4% of outstanding equity.
• The company's Board of Directors increased the total share repurchase authorization by 7.5 million shares, bringing the total authorized to 11.4 million shares, or 21% of the company's outstanding equity, as of September 2025.
• In 2022, Middleby repurchased $264.8 million of common shares, including $249.0 million under a repurchase program.

Share Issuance

• In August 2020, Middleby priced an upsized offering of $650 million aggregate principal amount of 1.00% convertible senior notes due 2025, which were convertible into cash, shares of common stock, or a combination at the company's election.

Outbound Investments

• Middleby has actively pursued an acquisition strategy, completing 20 transactions since the beginning of 2022 to expand its portfolio of brands and technologies across its three business segments.
• Over a two-year period (from the 2024 10-K, covering roughly 2023-2024), the company completed eleven acquisitions for an aggregate purchase price totaling $224.6 million, net of cash acquired.
• Recent acquisitions have focused on expanding the Ice and Beverage platform, adding forward-looking technologies, and further developing Food Processing full-line solutions.

Capital Expenditures

• In 2022, capital expenditures amounted to $67.3 million, primarily used for upgrades of production equipment and manufacturing facilities.
• The company emphasizes internal investments to drive innovation and customer-backed solutions across its segments.