Harris Williams & Co. Advises U-Line Corporation on its Pending Sale to The Middleby Corporation

October 14, 2014

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the pending sale of U-Line Corporation (U-Line), portfolio company of Linsalata Capital Partners (Linsalata), to The Middleby Corporation (NASDAQ: MIDD). U-Line is the American leader in the undercounter modular ice making, refrigeration, and wine preservation market. The pending transaction, which is expected to close in the fourth quarter of 2014 and is subject to customary closing conditions, is being led by John Neuner, Brent Spiller, and Corey Benjamin of Harris Williams & Co.’s Consumer Group and Neha Shah of the firm’s Richmond office.

“As the industry pioneer that introduced the first undercounter residential and light commercial ice maker in 1962, U-Line has built its brand through innovative, high quality products and has expanded its product offering to be the largest and most comprehensive in the industry,” said John Neuner, managing director in Harris Williams & Co.’s Consumer Group.

“We are excited to find a partner for management who embraces their vision for growth and will enable the team to continue to build on its long track record of success,” said Brent Spiller, director in Harris Williams & Co.’s Consumer Group. “U-Line is an outstanding platform with a unique culture and we are pleased to have delivered a successful outcome for the shareholders.”

“We continue to see strong interest in premium consumer brands serving the residential housing market,” added Corey Benjamin, vice president in Harris Williams & Co.’s Consumer Group. “U-Line will be a highly complementary addition to The Middleby Corporation’s growing portfolio of consumer-facing brands and we look forward to watching the company’s continued success with its new partner.”

U-Line, founded in 1962 and headquartered in Milwaukee, WI, is the leader in innovation, quality, and performance in the premium modular ice making, refrigeration, and wine preservation market. The company delivers products and applications for residential, light commercial, outdoor, and marine uses. U-Line provides products in North America, Asia, Africa, Oceania, Europe, Latin America, and the Middle East.

Linsalata, located in Cleveland, OH, was founded in 1984 and focuses on accelerating growth of middle market companies. The firm has completed more than 100 buy-side transactions totaling $3.5 billion. Linsalata is currently investing from Linsalata Capital Partners Fund VI, L.P. with $427 million in committed equity capital.

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 commercial foodservice, food processing, and residential kitchen equipment industries. The Middleby Corporation is headquartered in Elgin, IL.

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 Consumer Group has completed more than 100 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.