Harris Williams & Co. Advises Follett Corporation on its Sale to The Middleby Corporation
Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide for 25 years, announces the sale of Follett Corporation (Follett) to The Middleby Corporation (Middleby). Harris Williams & Co. served as the exclusive financial advisor to Follett, a leading designer and manufacturer of ice and medical-grade refrigeration products. The transaction was led by Patrick McNulty,Tim Webb and Mike Williams of Harris Williams & Co.’s Industrials Group, Corey Benjamin of the firm’s Consumer Group and Will Forston of the firm’s Richmond office.
“It has been a privilege working with Steve Follett and the management team to find an ideal partner for their company,” said Patrick McNulty, a managing director in Harris Williams & Co.’s Industrials Group. “We are very proud to be a part of this tremendous outcome for Follett and we look forward to following the company’s continued success.”
“Over the past 70 years, Follett has developed an industry-leading brand with a reputation for innovation,” said Tim Webb, a director in Harris Williams & Co.’s Industrials Group. “We are excited to have helped the management team and shareholders find a partner that embraces this legacy and will continue to grow the business both domestically and internationally.”
“We continue to see strong interest in businesses that deliver unique and innovative product solutions,” said Corey Benjamin, a director in Harris Williams & Co.’s Consumer Group. “Follett’s comprehensive portfolio of ice, beverage and refrigeration products will be highly complementary to Middleby’s existing foodservice and beverage equipment platform, which includes both commercial and consumer-facing products.”
Since 1948, Follett has led the industry in designing and manufacturing high quality, innovative ice storage bins, ice storage and transport systems, ice machines, ice and water dispensers, ice and beverage dispensers and medical-grade refrigerators and freezers for the foodservice and healthcare industries. Over the past few years, Follett has launched innovative new ice and water dispensers and medical-grade refrigeration products that have strengthened its market leading positions in various market niches. Follett has manufacturing operations in Easton and Bethlehem, Pennsylvania and Gdansk, Poland.
Middleby 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. The company's leading equipment brands serving the commercial foodservice industry include, Anets®, Beech®, Blodgett®, Blodgett Combi®, Blodgett Range®, Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®, Concordia®, CookTek®, CTX®, Desmon®, Doyon®, Eswood®, Follett®, FriFri®, Giga®, Goldstein®, Holman®, Houno®, IMC®, Induc®, Jade®, Lang®, Lincat®, MagiKitch'n®, Market Forge®, Marsal®, Middleby Marshall®, MPC©, Nieco®, Nu-Vu®, PerfectFry®, Pitco Frialator®, Southbend®, Star®, Toastmaster®, TurboChef®, Wells® and Wunder-Bar®. The company’s leading equipment brands serving the food processing industry include, Alkar®, Armor Inox®, Auto-Bake®, Baker Thermal Solutions®, Cozzini®, Danfotech®, Drake®, Maurer-Atmos®, MP Equipment®, RapidPak®, Spooner Vicars®, Stewart Systems® and Thurne®. The company’s leading equipment brands serving the residential kitchen industry include, AGA®, AGA Cookshop®, Brigade®, Divertimenti®, Falcon®, Fired Earth®, Grange®, Heartland®, La Cornue®, Leisure Sinks®, Lynx®, Marvel®, Mercury®, Rangemaster®, Rayburn®, Redfyre®, Sedona®, Stanley®, Turbochef®, U-Line® and Viking®.
Harris Williams & Co. (www.harriswilliams.com), a member of The PNC Financial Services Group, Inc. (NYSE:PNC), is a preeminent middle market investment bank focused on the advisory needs of clients worldwide. The firm has deep industry knowledge, global transaction expertise and an unwavering commitment to excellence. Harris Williams & Co. provides sell-side and acquisition advisory, restructuring advisory, board advisory, private placements and capital markets advisory services.
Harris Williams & Co.’s Industrials Group has experience across a variety of sectors, including advanced manufacturing; aggregates, metals, and mining; building products; chemicals and specialty materials; industrial technology; and packaging. For more information on the firm’s Industrials Group and other recent transactions, visit the Industrials Group’s section of the Harris Williams & Co. website.
Harris Williams & Co.’s Consumer Group has completed more than 50 transactions in recent years across a variety of verticals, including branded consumer products; consumer services; food, beverage and agribusiness; and restaurant and retail. For more information on Harris Williams & Co.’s Consumer Group and other recent transactions, visit the Consumer Group’s section of the Harris Williams & Co. website.
Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.