Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>Middleby to complete Midera spin-off July 6, 2026, creating two pure-plays: commercial foodservice equipment (MIDD) and industrial food processing automation (MFP)</li>
<li>When-Issued trading began on June 26; Regular-way trading to commence from July 7, 2026.</li>
<li>SOTP fair value of $202/share combined: $162 for Middleby (ex Midera) (14.2x FY27E EBITDA), $40 for Midera (11.0x FY27E EBITDA).</li>
</ul>


Middleby to complete Midera spin-off July 6, 2026, creating two pure-plays: commercial foodservice equipment (MIDD) and industrial food processing automation (MFP)
When-Issued trading began on June 26; Regular-way trading to commence from July 7, 2026.
SOTP fair value of $202/share combined: $162 for Middleby (ex Midera) (14.2x FY27E EBITDA), $40 for Midera (11.0x FY27E EBITDA).


Middleby to Complete the Spin-Off of Food Processing Business on July 6

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>The Middleby Corporation reported first quarter 2026 results that surpassed expectations across its two business segments, Commercial Foodservice and Food Processing, accompanied by an increased full-year outlook.</li><li>Total revenue reached approximately $840 million, generating adjusted EBITDA of about $181 million and adjusted earnings per share (EPS) of $2.16.</li><li>The company's ongoing share repurchase program reduced outstanding shares by approximately 7% in early 2026, enhancing EPS despite higher interest and stock compensation expenses.</li></ul>

The Middleby Corporation reported first quarter 2026 results that surpassed expectations across its two business segments, Commercial Foodservice and Food Processing, accompanied by an increased full-year outlook.Total revenue reached approximately $840 million, generating adjusted EBITDA of about $181 million and adjusted earnings per share (EPS) of $2.16.The company's ongoing share repurchase program reduced outstanding shares by approximately 7% in early 2026, enhancing EPS despite higher interest and stock compensation expenses.

The Middleby Corporation’s Big Split: Can Two Focused Companies Unlock More Value?

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul><li>Middleby is in the middle of one of the more interesting corporate transformations in the industrial space right now.</li><li>The Food Processing spin-off is on track for Q2 2026, with a joint Investor Day scheduled for May 12 in New York where both RemainCo and SpinCo will present.</li><li>The Form 10 registration statement is expected in April, which will be the first time investors can properly model SpinCo on a fully standalone basis.</li></ul>

Middleby is in the middle of one of the more interesting corporate transformations in the industrial space right now.The Food Processing spin-off is on track for Q2 2026, with a joint Investor Day scheduled for May 12 in New York where both RemainCo and SpinCo will present.The Form 10 registration statement is expected in April, which will be the first time investors can properly model SpinCo on a fully standalone basis.

Middleby Corporation: Cheap, Unloved, and About to Break Up

<ul><li>The Middleby Corporation's latest earnings report highlights both positive outcomes and significant areas of transformation within the company, providing insights into its operational adjustments and future prospects.</li><li>Middleby recently completed the sale of a 51% stake in its Residential Kitchen business, yielding $565 million in cash, which will be reinvested to benefit shareholders.</li><li>This strategic move is part of Middleby’s plan to operate as two distinct entities focusing on Commercial Foodservice and Food Processing, with the aim of optimizing each for growth and profitability.</li></ul>

The Middleby Corporation's latest earnings report highlights both positive outcomes and significant areas of transformation within the company, providing insights into its operational adjustments and future prospects.Middleby recently completed the sale of a 51% stake in its Residential Kitchen business, yielding $565 million in cash, which will be reinvested to benefit shareholders.This strategic move is part of Middleby’s plan to operate as two distinct entities focusing on Commercial Foodservice and Food Processing, with the aim of optimizing each for growth and profitability.

Middleby Corporation: What Is Behind Its End To End Production Line Strategy And How It Is Reshaping Foodservice Equipment!

<ul><li>Middleby Corp.'s third-quarter performance exhibited both strategic progress and certain challenges that require careful analysis.</li><li>The company reported total revenues of $980 million, surpassing its guidance range, while adjusted EBITDA reached $196 million and adjusted EPS was $2.37, both exceeding expectations.</li><li>This performance underscores Middleby's capacity to leverage its investments in marketing and strategic growth initiatives over the years.</li></ul>

Middleby Corp.'s third-quarter performance exhibited both strategic progress and certain challenges that require careful analysis.The company reported total revenues of $980 million, surpassing its guidance range, while adjusted EBITDA reached $196 million and adjusted EPS was $2.37, both exceeding expectations.This performance underscores Middleby's capacity to leverage its investments in marketing and strategic growth initiatives over the years.

Middleby Sells Viking Stake: Josh Harris’s Next Billion-Dollar Power Move?

United States

The Middleby Corporation designs, manufactures, markets, and services a broad line of equipment for use in cooking and preparing food.  The Company's products are used in commercial and institutional kitchens and restaurants throughout the world.  Middleby's brand names include Marshall, Southbend, and Toastmaster.

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Middleby Corp (MIDD US)

Middleby to Complete the Spin-Off of Food Processing Business on July 6

Middleby to complete spin-off of Midera on July 6, creating two pure-plays in commercial foodservice equipment and industrial food processing...

GSBR Research

The Middleby Corporation’s Big Split: Can Two Focused Companies Unlock More Value?

The Middleby Corporation reported first quarter 2026 results that surpassed expectations across its two business segments, Commercial Foodservice...

Baptista Research

Middleby Corporation: Cheap, Unloved, and About to Break Up

Middleby is in the middle of one of the more interesting corporate transformations in the industrial space right now. The Food Processing spin-off...

Richard Howe

Middleby Corporation: What Is Behind Its End To End Production Line Strategy And How It Is Reshaping Foodservice Equipment!

The Middleby Corporation's latest earnings report highlights both positive outcomes and significant areas of transformation within the company,...

Baptista Research

Middleby Sells Viking Stake: Josh Harris’s Next Billion-Dollar Power Move?

Middleby Corp.'s third-quarter performance exhibited both strategic progress and certain challenges that require careful analysis. The company...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Middleby to Complete the Spin-Off of Food Processing Business on July 6

​Middleby to complete spin-off of Midera on July 6, creating two pure-plays in commercial foodservice equipment and industrial food processing...

GSBR Research

The Middleby Corporation’s Big Split: Can Two Focused Companies Unlock More Value?

The Middleby Corporation reported first quarter 2026 results that surpassed expectations across its two business segments, Commercial Foodservice...

Baptista Research

Middleby Corporation: Cheap, Unloved, and About to Break Up

Middleby is in the middle of one of the more interesting corporate transformations in the industrial space right now. The Food Processing spin-off...

Richard Howe

Middleby Corporation: What Is Behind Its End To End Production Line Strategy And How It Is Reshaping Foodservice Equipment!

The Middleby Corporation's latest earnings report highlights both positive outcomes and significant areas of transformation within the company,...

Baptista Research

Middleby Sells Viking Stake: Josh Harris’s Next Billion-Dollar Power Move?

Middleby Corp.'s third-quarter performance exhibited both strategic progress and certain challenges that require careful analysis. The company...

Baptista Research

Middleby to complete spin-off of Midera on July 6, creating two pure-plays in commercial foodservice equipment and industrial food processing...