Elgin, Ill-based The Middleby Corp. plans to acquire Milwaukee-based U-Line Corp., the companies announced today.
U-Line designs and assembles built-in refrigerators and ice makers that fit under countertops. The corporate headquarters has been in Milwaukee since it was founded by Henry Uihlein in 1962, and the headquarters will remain in Milwaukee. The brand, operations and leadership will also be retained as they are.
U-Line, which has 169 employees, also has an office in Laguna Beach, Calif. and a European office. Its products are shipped all over the world, and its annual revenues are about $60 million.
Middleby, which has about 4,500 employees globally, manufactures, markets and services equipment used in commercial foodservice and food processing, and residential kitchen equipment under brands including Blodgett, Toastmaster and Viking.
“U-Line is a well-established brand and a category leader in innovation, quality and performance in the high-end residential markets (it serves),” said Selim Bassoul, chairman and chief executive officer of The Middleby Corp. “U-Line has an outstanding reputation and provides a strong strategic addition to our growing residential platform. We are excited about the fourth quarter launch of a fully redesigned and expanded lineup of new products at U-Line and believe the company is well positioned for growth.”
The transaction price was not disclosed.