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MIDDLEBY The Middleby Corporation To Acquire Welbilt , Inc. Exhibit 99.1 WELBILT Combination will create a premier food equipment company with a leading commercial foodservice portfolio Combined business is well positioned to deliver enhanced value for customers through complementary , best - in - class products , unmatched service and forward - thinking technology solutions Accelerates key investments in new product development , aftermarket capabilities , connectivity and digital solutions Expands international operations , particularly in higher - growth regions across the globe Clear path to driving $ 120 million in operational improvement with $ 100 million run - rate cost synergies and additional $ 20 million in Welbilt stand- alone Business Transformation Program annual improvement Immediately accretive to adjusted EPS with greater than 10 % annual accretion by year two Equity consideration mix maintains the Middleby balance sheet flexibility and reserves capacity for future strategic investments in the business , M & A or stock buybacks Elgin , IL and New Port Richey , FL - The Middleby Corporation ( NASDAQ : MIDD ) and Welbilt , Inc. ( NYSE : WBT ) have entered into a definitive agreement under which Middleby will acquire Welbilt in an all - stock transaction , enhancing the Middleby Commercial Foodservice platform with an attractive portfolio of products , brands and technologies . This transaction will bring together two complementary businesses , accelerate the Middleby growth strategy into key markets globally and increase core capabilities in highly attractive segments . The combined company will have approximately $ 3.7 billion in combined 2020 sales , 73 % of which will come from the Commercial Foodservice segment . With a strong balance sheet and robust cash generation , Middleby will be well positioned and capitalized to support significant R & D and future acquisition opportunities . Middleby has a long track record of successfully integrating businesses , having completed over 20 acquisitions since 2018 , and has a history of driving efficiencies in acquired companies . Compelling Strategic Rationale Creates a broad Commercial Foodservice Equipment platform with enhanced ability to serve customers through a combination of distinct but complementary portfolios with leading brands and broad geographic footprint Strengthens customer value proposition across hot - side , cold - side , beverage , technology and aftermarket support services across the globe Transaction accelerates R & D and investment into the value - added technologies and services of the future , including ventless cooking , controls , automation and connectivity $ 100 million of anticipated annual cost synergies associated with the transaction to be fully realized by year three , with additional potential from cross - selling opportunities and greater product development not yet quantified ; Welbilt stand - alone Business Transformation Program annual improvement of $ 20 million is incremental