SALEM, N.H.--(BUSINESS WIRE)--Standex International Corporation (NYSE:SXI) today announced that it has signed a definitive agreement to sell its Cooking Solutions Group (CSG), which is part of Standex’s Food Service Equipment Group (FSEG) segment, to The Middleby Corporation, a diversified food service equipment company. Upon the closing, Middleby will pay Standex a cash purchase price of $105 million, subject to post-closing adjustments. The closing of the transaction is subject to customary conditions, including regulatory approvals.

CSG includes the APW Wyott®, Bakers Pride®, Tri-Star, BKI®, Barbecue King and Ultrafryer® brands, and serves directly and via dealers and distributors the food service, convenience store, and supermarket end markets. In fiscal year 2018, CSG net revenues were $97.9 million, which represents approximately 25% of FSEG segment net revenues, or approximately 10% of Standex’s overall net revenues for the same period. The business has been treated as a discontinued operation for financial reporting purposes (including retrospectively for previous periods) since the first quarter of fiscal year 2019.

“After a thorough competitive process, we are pleased to announce that our Cooking Solutions Group will be sold to The Middleby Corporation,” said Standex President & CEO David Dunbar. “We believe that the outcome of this process is in the best interests of our shareholders as well as our CSG employees and customers, who will be well served by Middleby. We believe Middleby is well-placed to enable the CSG business to grow and reach its strategic potential. In support of our strategic vision to become a best-in-class operating company, Standex will deploy the proceeds from the sale according to our capital allocation model to grow our strategic platforms, drive enhanced profitability and create value for our shareholders.”

About Middleby

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. For additional information, visit Middleby’s website at www.middleby.com.

About Standex

Standex International Corporation is a global, multi-industry manufacturer in five broad business segments: Food Service Equipment, Engraving, Engineering Technologies, Electronics, and Hydraulics. For additional information, visit Standex's website at www.standex.com.