Novy has announced that it has been acquired by Middleby Corporation following a lengthy consultation period with the Belgian induction and extraction brand's shareholders to actively seek a new investment partner.
Headquartered in Elgin, Illinois U.S. outside of Chicago, Middleby is a specialist in commercial and residential kitchen appliances together with food processing solutions. In 2020 Middleby global sales were more than $2.5 billion across its three business platforms and the company has a wide product range for cooking and beverage services. Novy joins its roster of premium residential appliance brands that currently includes Aga, Rangemaster, La Cornue and Viking.
Novy CEO Carlos Wanzeele said: “Over the years, Novy has evolved into a highly respected brand thanks to industry-leading innovation, superior product quality and dedicated personal service. We have experienced greater demand as customers have chosen our brand, which has led to increased momentum. Our international presence has also grown significantly in recent years, including in the UK and Ireland.
“For Novy, this new partnership provides many opportunities in terms of product development and also access to a broader international sales network. Because of the decentralised way Middleby operates its companies, our customers and other stakeholders should experience little to no change in their daily interactions."
Tim FitzGerald, Middleby CEO, said: "We look for well-known and highly respected brands with industry-leading technology for Middleby. Novy is recognised for its market-leading innovations and product designs, complementing our expanding portfolio of premium residential brands. The business is well-positioned in the built-in cooking segment of the residential market, a category which is growing globally and we believe there are exciting opportunities to realise synergies with our existing residential brands.”