–
The American group Middleby buys the West Flemish hood producer Novy. According to our information, the price tag is more than 200 million euros.
–
Novy’s shareholders went early this year looking for a new partner for the company. This is in the hands of the investment branch of BNP Paribas Fortis (33.7%), the investment fund Sofindev (30.8%), the Colruyt family (18.1%), the founding family and the management.
–
The end of June it turned out that a handful of candidates were still fighting for the takeover of the West Flemish cooker hood producer. It is ultimately the American group Middleby Middle
who takes the loot.
–
Middleby won the investment funds Gilde and Naxicap, among others. That last grip next to the loot, but announced Monday the takeover of Ceres Pharma – the ‘mini-Omega Pharma’ of Marc Coucke -.
–
No financial details will be disclosed. However, according to our information, the acquisition would value Novy at more than EUR 200 million or about 12 times gross operating profit (EBITDA) for 2020.
–
Aga-ovens
Middleby is an American giant that specializes in ovens, extractor hoods and ice machines, as well as appliances for industrial kitchens. The group has a total of around 80 premium brands in its portfolio. Its best-known brands include Viking, TurboChef, Bluezone (hoods), Pitco (fryers) and, in Europe, the Aga ovens. It intends to introduce Novy’s products to the US and UK markets.
–
The group from Illinois, which last year had a turnover of 2.5 billion dollars (2.1 billion euros), is listed on the Nasdaq stock exchange and has a market value of 10 billion dollars.
–
Middleby is on a takeover tour. The American group is fighting a bidding war with the Italian Ali Group for the takeover of sector competitor Welbilt.
Middleby offered $2.9 billion (in shares) for Welbilt, but was trumped by a higher offer ($3.4 billion) from the Italians. However, Middleby surrenders not won.
–
silent
Novy specializes in noiseless premium extractor hoods that blend into the design of kitchens, but also in hobs.
–
Thanks to Novy, Middleby has acquired the market leader in our country (28% market share) for premium cooker hoods. Last year, the group from Kuurne had a consolidated turnover of 68 million euros and a gross operating profit (EBITDA) of approximately 17 million.
–
–
Fortis Private Equity bought a majority stake in Novy 16 years ago. The founding family then stayed on board. Five years later, the investment fund Sofindev also came into capital and in 2016 the Colruyt family through its investment vehicle Korys. The sale of Novy is one of the biggest exits for BNP Paribas Fortis since the creation of the investment arm of the bank several decades ago.
–
The investment banking arm of BNP Paribas Fortis and the law firm Stibbe advised the sellers on the deal. The Skadden office assisted Middleby.
–
From bicycles to hoods
Novy is celebrating its 114th birthday this year. The West Flemish company was founded in 1907 by cyclist and bicycle repairer Hilaire Lannoy. When he stopped as a cyclist in 1914, he set up a bicycle wholesaler in Kortrijk. He also immediately started manufacturing the two-wheelers. At the end of the 1920s, the range was expanded to include motorcycles.
–
In the 1960s, Novy was best known for its Belgian brand of motorcycles. But competition from Japanese manufacturers forced the company to diversify. The company then also became active in kitchen appliances: extractor hoods, hobs, ovens and refrigerators.
–
In 2007, a century after its creation, the last bike was assembled.
–
–
–
