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Middleby buys Italian oven maker
April 22, 2008
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ClaudeELGIN, Ill. — The Middleby Corp., a maker of cooking equipment including high-speed pizza ovens, has acquired Florence, Italy-based Giga Grandi Cucine S.r.l. for 12.9 million Euro (U.S. $20.4M), including 6.2 million Euro (U.S. $9.8M) paid in cash at closing, 3.4 million (U.S. $5.3M) of deferred payments due to the sellers, and 3.3 million Euro (U.S. $5.2M) in assumed debt.
Giga is a leading European manufacturer of a broad line of commercial cooking equipment, including ranges, ovens and steam cooking equipment. The acquisition expands Middleby's platform of cooking equipment designed for the international markets, company officials said.
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