The Middleby Corporation’s Acquisition of Welbilt

Skadden, Arps, Slate, Meagher & Flom LLP advised The Middleby Corporation, while Gibson, Dunn & Crutcher LLP advised Welbilt on the deal. Simpson Thacher advised Morgan Stanley & Co. LLC, as financial advisor to Welbilt on the deal.

The Middleby Corporation and Welbilt, Inc. have entered into a definitive agreement under which Middleby will acquire Welbilt in an all-stock transaction, enhancing the Middleby Commercial Foodservice platform with an attractive portfolio of products, brands and technologies. Under the terms of the agreement, Welbilt shareholders will receive a fixed exchange ratio of 0.1240x shares of Middleby common stock for each share of Welbilt common stock in an all-stock transaction, with an implied enterprise value of $4.3 billion.

Welbilt, Inc. provides the world’s top chefs, premier chain operators and growing independents with industry-leading equipment and solutions.

The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used in the commercial foodservice, food processing, and residential kitchen equipment industries.

Guggenheim Securities, LLC served as financial advisor to Middleby. Morgan Stanley & Co. LLC served as financial advisor to Welbilt.

The Skadden team advising Middleby included M&A partners Shilpi Gupta (Chicago; Picture) and Eric Otness (Houston); Antitrust/Competition partners Clifford Aronson (New York), Frederic Depoortere (Brussels) and David Wales (Washington, D.C.); Tax partners Sally Thurston (New York) and Eric Sensenbrenner (Washington, D.C.); Capital Markets partner Michael Zeidel (New York); Banking partner Lynn McGovern (Chicago); Litigation partner Chuck Smith (Chicago); and Intellectual Property Litigation partner Douglas Nemec (New York).

Simpson Thacher advised Morgan Stanley & Co. with Caroline Gottschalk and Jess Yoon (M&A).

Involved fees earner: Caroline Gottschalk – Simpson Thacher & Bartlett; Jess JuYoung Yoon – Simpson Thacher & Bartlett; Clifford Aronson – Skadden Arps Slate Meager & Flom; Frederic Depoortere – Skadden Arps Slate Meager & Flom; Shilpi Gupta – Skadden Arps Slate Meager & Flom; Lynn McGovern – Skadden Arps Slate Meager & Flom; Douglas Nemec – Skadden Arps Slate Meager & Flom; Eric Otness – Skadden Arps Slate Meager & Flom; Eric Sensenbrenner – Skadden Arps Slate Meager & Flom; Charles Smith – Skadden Arps Slate Meager & Flom; Sally Thurston – Skadden Arps Slate Meager & Flom; David Wales – Skadden Arps Slate Meager & Flom; Michael Zeidel – Skadden Arps Slate Meager & Flom;

Law Firms: Simpson Thacher & Bartlett; Skadden Arps Slate Meager & Flom;

Clients: Middleby Corporation; Morgan Stanley;

Author: Martina Bellini