The Middleby Corporation (NASDAQ: MIDD) today announced the filing of the Form 10 registration statement (the “Form 10”) with the U.S. Securities and Exchange Commission (“SEC”) for the planned spin-off of Middleby Food Processing. A copy of the Form 10 is available on the SEC website and can also be viewed on the Investor Page of the Middleby website at middleby.com/investors.
Today’s Form 10 filing reflects the strong progress we are making toward the launch of Middleby Food Processing as a focused, industry-leading food processing solutions provider,” said Tim FitzGerald, Middleby’s Chief Executive Officer. “This separation will create two dynamic, world-class companies well-positioned for growth. This focus on innovative solutions for both Middleby and Middleby Food Processing as standalone companies positions each company to better unlock long-term value for all stockholders.
Middleby Food Processing has a strong foundation and is an industry leader in fast growing markets and expanding product categories worldwide,” said Mark Salman, Middleby Food Processing’s incoming Chief Executive Officer. “Today’s filing is a key milestone in our journey toward being an independent company, positioning us to focus on our customers and delivering them world-class innovation.
Middleby Food Processing Highlights
- The Experienced Board and Senior Leadership of Food Processing:
- Mark Salman, Chief Executive Officer
- Amy Campbell, Chief Financial Officer
- Mark Bowie, Chief Operating Officer
- Matt Fuchsen, Chief Strategy Officer
- Robert Nerbonne has been named Chairman of the Middleby Food Processing Board of Directors. He is a deeply experienced industry veteran who has served on the Middleby Board of Directors since 2019. 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 $850 million 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 million, 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 LLC 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.
Middleby and Middleby Food Processing Investor Day
As previously announced, Middleby will host an investor day on May 12, 2026, in New York City. Over the course of the event, members of the leadership team will provide details on the competitive positioning of the two companies and future growth potential. A live webcast of the event, along with related presentation materials, will be available on the Middleby Investor Relations website.
The Form 10, filed on May 4, 2026, is subject to change and will be made final prior to the effective date. Investors, media, and the general public are invited to learn more about the pending spin-off on the Middleby Investor Relations website.
About Middleby
The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice and food processing. Middleby showcases its advanced solutions in the Middleby Innovation Kitchens for commercial foodservice and industrial baking and protein Innovation Centers for food processing solutions. For more information about Middleby, please visit www.middleby.com.
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