Adamatic, arm of Hobart, sold to Aga Foodservice Group

March 24, 2002

LONDON -- Aga Foodservice Group, based in Birmingham, England, has purchased Adamatic, a U.S. manufacturer of bakery equipment, from Hobart Corporation. The sale price was $5.2 million in cash.

Adamatic's products, which are manufactured in Eatontown, N.J., are used in the industrial foodservice industry to produce frozen pizzas and artisan breads. Hobart, the foodservice industry's leading manufacturer of mixing equipment, is located in Troy, Ohio.

According to a report published by Dow Jones Newswires, Adamatic's profits in 2000 were $650,000 on $13 million in gross revenue. Net assets of the sale were valued at $5 million.

Aga Foodservice Group has appointed Iain Whyte to be president of the newly formed Aga Foodservice Inc. Aga owns a number of smaller U.K. cooking equipment companies that manufacture both domestic and commercial ranges, refrigeration and bakery operations.

Topics: Public Companies

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