Business News

The Middleby Corporation Acquires New Star Holdings, Inc.

Wednesday 02. January 2008 - The Middleby Corporation (NASDAQ:MIDD) today announced it completed the previously announced acquisition of New Star Holdings, Inc. for $188.4 million in cash in accordance with terms of a purchase agreement entered into November 18, 2007.

The acquisition was financed under a newly established senior revolving credit facility.
The acquisition closed on December 31, 2007, the first day of Middleby?s 2008 fiscal year, and therefore will have no impact on the 2007 reported financial results.
New Star Holdings, Inc. is comprised of three industry leading brands including Star, Holman, and Lang. The acquired company has annual revenues of approximately $100 million and earnings before interest, taxes, depreciation and amortization (?EBITDA?) of approximately $20 million. This transaction compliments Middleby?s Portfolio of leading brands in the commercial foodservice equipment industry.