Novy has today joined the Middleby Corporation, as part of a long-term global expansion strategy for the Belgian induction and extraction specialist.
Today’s announcement follows a long consultation period where Novy’s shareholders, Sofindev, BNP Paribas, Korys and the Lannoy family, who originally founded the business, have been in consultation to actively seek a new investment partner.
Middleby will continue the growth of the Novy brand on the international stage, whilst sharing its goals, culture and future vision. Novy joins Middleby’s roster of premium residential appliance brands that include Aga, Rangemaster, La Cornue and Viking.
Carlos Wanzeele, Novy’s chief executive, said: “Over the years, Novy has evolved into a highly-respected brand thanks to industry-leading innovation, superior product quality and dedicated personal service. We have experienced greater demand as customers have chosen our brand, which has led to increased momentum. Our international presence has also grown significantly in recent years, including in the UK and Ireland.
“For Novy, this new partnership provides many opportunities in terms of product development and also access to a broader international sales network. Because of the decentralised way Middleby operates its companies, our customers and other stakeholders should experience little to no change in their daily interactions.”
Tim FitzGerald, chief executive of the Middleby Corporation, said: “We look for well-known and highly-respected brands with industry-leading technology for Middleby. Novy is recognised for its market leading innovations and product designs, complementing our expanding portfolio of premium residential brands.
“The business is well-positioned in the built-in cooking segment of the residential market, a category which is growing globally and we believe there are exciting opportunities to realize synergies with our existing residential brands.”
