Dominus Capital Announces Agreement to Sell Masterbuilt and Kamado Joe to Middleby Corporation
NEW YORK, Dec. 6, 2021 /PRNewswire/ -- Dominus Capital, L.P., a leading private equity firm based in New York, announced today that it has entered into a definitive agreement to sell its platform of leading outdoor cooking brands, including Masterbuilt and Kamado Joe, to Middleby Corporation (NASDAQ:MIDD).
"Our partnership with Dominus has accelerated our vision to be the global innovator in charcoal grilling," said Brody Connolly, CEO of Masterbuilt and Kamado Joe. "Dominus has been a great partner, investing in key growth initiatives and supporting the company as it has scaled, enabling us to deliver innovative products to our loyal and growing global customer base. We thank Dominus for their support of our vision and are excited to join the Middleby family of premium and innovative brands and enter our next chapter of growth. I speak for the entire team at Masterbuilt and Kamado Joe that we are just getting started."
"Brody and the entire management team built the global leader in charcoal innovation. We brought two strong founder built brands under one roof with the goal of redefining how consumers think about outdoor cooking," said Bob Haswell, Founding Partner at Dominus. "We are proud of what the combined Masterbuilt and Kamado Joe team has accomplished under our ownership."
The transaction is expected to close by year end 2021 and is subject to regulatory approval and customary closing conditions. Other terms of the transaction are not being disclosed at this time.
William Blair and Sawaya Partners, LLC served as financial advisors, and White & Case LLP served as legal counsel for Masterbuilt Kamado Joe.
Middleby was represented by Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel.
About Middleby Corporation: The Middleby Corporation is a worldwide manufacturer of commercial kitchen equipment, residential appliances and systems for industrial processing, packaging and baking. With more than 75 brands between the three business segments, Middleby develops, manufactures, distributes and sells its products worldwide. Middleby Corporation is listed on the NASDAQ under the ticker symbol "MIDD." For more information, please visit www.middleby.com
About Masterbuilt and Kamado Joe: Masterbuilt has been innovating outdoor cooking for decades and continues to innovate charcoal grilling with its patented Gravity Series grill. Masterbuilt believes that given the right tools, anything can be mastered. Kamado Joe is proud to have modernized the ceramic grill industry with unparalleled craftsmanship, smarter features and innovative accessories. Kamado Joe grills set a new standard, changing the way people think about kamado cooking. For more information please visit www.Masterbuilt.com and www.KamadoJoe.com
About Dominus Capital: Based in New York, Dominus Capital is a leading middle-market private equity investment firm that focuses on management-led buyouts and growth capital investments in companies in the business services, light manufacturing and consumer sectors. Drawing on the experience, knowledge and network of its founders and a team of in-house operating executives, Dominus Capital works hand-in-hand with exceptional management teams to unlock the untapped potential of its portfolio companies. The firm takes a long-term approach to investing and has a consistent and highly successful track record of achieving significant growth at its portfolio companies. For more information please visit www.dominuscap.com
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SOURCE Dominus Capital, L.P.
