Investment banker Harris Williams & Co., has announced the sale of Follett Corp., Easton, Pennsylvania, to The Middleby Corp., Elgin, Illinois. Follett is a designer and manufacturer of ice and medical-grade refrigeration products. Middleby develops, manufactures, markets, and services a broad line of equipment used in the commercial foodservice, food processing, and residential kitchen equipment industries.
“It has been a privilege working with Steve Follett and the management team to find an ideal partner for their company,” said Patrick McNulty, a managing director in Harris Williams & Co.’s Industrials Group. “We are very proud to be a part of this tremendous outcome for Follett and we look forward to following the company’s continued success.”
“Over the past 70 years, Follett has developed an industry-leading brand with a reputation for innovation,” added Tim Webb, a director in Harris Williams & Co.’s Industrials Group. “We are excited to have helped the management team and shareholders find a partner that embraces this legacy and will continue to grow the business both domestically and internationally.”
“We continue to see strong interest in businesses that deliver unique and innovative product solutions,” said Corey Benjamin, a director in Harris Williams & Co.’s Consumer Group. “Follett’s comprehensive portfolio of ice, beverage, and refrigeration products will be highly complementary to Middleby’s existing foodservice and beverage equipment platform, which includes both commercial and consumer-facing products.”
Since 1948, Follett has designed and manufactured ice storage bins, ice storage and transport systems, ice machines, ice and water dispensers, ice and beverage dispensers, and medical-grade refrigerators and freezers for the foodservice and health care industries.