Middleby Announces that Midera Food Processing Enters into $1 Billion Credit Agreement (Form 8-K)

Middleby Announces that Midera Food Processing Enters into $1 Billion Credit Agreement

Elgin, Ill.- June 29, 2026 - The Middleby Corporation (NASDAQ: MIDD) today announced that in connection with the previously announced spin-off of its Food Processing business, Midera Food Processing, Inc. ("Midera") has entered into a five-year, $1.0 billion credit agreement (the "Credit Agreement") with Bank of America, N.A., as administrative agent, and other financial institutions and lenders, consisting of a $750 million U.S. dollar revolving credit facility and a $250 million multi-currency revolving credit facility.

"The new Credit Agreement gives us ample capacity to execute on our acquisition-driven growth strategy as we transition to a stand-alone public company," said Mark Salman, incoming Chief Executive Officer of Midera. "With our diversified portfolio of leading brands, strong global customer relationships, and comprehensive total line solutions, we're positioned to be the acquiror of choice in a fragmented market while continuing to invest in innovation and operational excellence. This level of commitment from our lenders demonstrates the strength of our business model and their confidence in our competitive position and future trajectory."

Tim FitzGerald, Chief Executive Officer of Middleby, added, "Midera is well positioned to accelerate growth as an independent company and this Credit Agreement provides the balance sheet flexibility to execute their strategy. The size and terms of the credit facility are reflective of Midera's compelling financial profile and we remain confident in Midera's outlook as it enters its next chapter of growth as an independent company."

Completion of the spin-off, which remains on track for July 6, 2026, is conditioned upon the satisfaction or waiver of certain conditions, as set forth in the form of Separation and Distribution Agreement filed with the U.S. Securities and Exchange Commission (the "SEC") as part of Midera's registration statement on Form 10, which was declared effective by the SEC on June 17, 2026.

About The Middleby Corporation

The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservice and food processing. Middleby showcases its advanced solutions in the Middleby Innovation Kitchens for commercial foodservice and industrial baking and protein Innovation Centers for food processing solutions. For more information about Middleby, please visit www.middleby.com.

About Midera Food Processing

Midera Food Processing provides food processing equipment and automation solutions for industrial protein, bakery, and snack producers, delivering total line solutions from preparation and thermal processing through packaging. With a portfolio of 30+ industry-leading brands reaching customers across six continents, Midera helps food processors produce safer, more consistent products while improving efficiency and reducing waste at scale. Headquartered in Rosemont, Illinois, the company employs approximately 2,800 people worldwide. For more information about Midera, please visit www.midera.com.

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