M&A · Industrials · Refrigeration & Service Industry Machinery
MIDDLEBY Corp to acquire Welbilt, Inc.
Announced Apr 21, 2021 · Terminated Jul 14, 2021
Deal value$4.30BEV $4.30B
Premium—To unaffected price
EV / Adj. EBITDA27.4x3.7x EV / Revenue
ConsiderationAll stock$20.69 per share
Transaction
- Acquirer
- MIDDLEBY Corp (MIDD)
- Target
- Welbilt, Inc.
- Buyer type
- Strategic
- Offer price per share
- $20.69
- Enterprise value
- $4.30B
- Status
- Terminated Jul 14, 2021
Deal protections
- Break fee (target pays)
- $110M · 2.6%
- Reverse fee (buyer pays)
- $160M · 3.7%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Guggenheim
- To the target
- Morgan Stanley
Sector context · Industrials
- Comparable deals
- 22 in the prior 24 months
- Premium
- Sector median 27.0%
- EV / Adj. EBITDA
- 27.4x vs. 10.4x sector median
- Break fee
- 2.6% vs. 2.4% sector median
Timeline
- AnnouncedApr 21, 2021
- Proxy filedJun 21, 2021
- Definitive proxyJun 21, 2021
- Shareholder vote—
- TerminatedJul 14, 2021