Middleby files Form 10 for planned spin-off of Middleby Food Processing

The Middleby (MIDD) Corporation announced the filing of the Form 10 registration statement with the U.S. Securities and Exchange Commission for the planned spin-off of Middleby Food Processing. Middleby Food Processing Highlights: The Experienced Board and Senior Leadership of Food Processing: Mark Salman, CEO; Amy Campbell, CFO; Mark Bowie, COO Matt Fuchsen. CSO Robert Nerbonne has been named Chairman of the Middleby Food Processing Board of Directors. He will move from the Middleby Board to lead the Middleby Food Processing Board. Middleby Food Processing is an industry leading platform of over 30 brands, with best in class solutions. In 2025, on a Middleby segment reporting basis, Middleby’s Food Processing business generated over $850M in net sales with ~20% Adjusted EBITDA margin. Middleby’s Food Processing business has grown net sales at a ~12% CAGR from 2019 to 2025 based on Middleby’s current segment reporting. Middleby Food Processing anticipates net debt at close of $200-$225 M, which represents approximately 1.25x Estimated Standalone Adjusted EBITDA for the fiscal year ended January 2, 2027. Middleby Food Processing is a market leader across several food categories, including holding a top position in Total Line Solutions in categories across protein, bakery and snack products. Middleby’s Food Processing business generated ~40% of sales from aftermarket parts, services, and modernization for the fiscal year ended January 3, 2026. A strong M&A pipeline and actionable organic initiatives support a significant growth opportunity and ability to quickly scale. Middleby stockholders will receive one share of common stock of Middleby Food Processing on the distribution date for each share that they hold of Middleby common stock as of the record date. Middleby Food Processing intends to apply to list its common stock on the Nasdaq Stock Market under the ticker symbol “MFP”. The planned spin-off of Middleby Food Processing is intended to be tax-free for Middleby and its stockholders for U.S. federal income tax purposes.