NEW YORK: Middleby Corp, maker of high-end kitchen appliances for both professional and home cooks, has become a new favourite of fund managers as it benefits from changing American dining habits.
The US$5.2bil market cap company’s commercial ovens and food processors can be found in any Panera Bread, Chipotle or Starbucks, all of which have been offering what analysts call “fast casual” – a category a step above fast food that has been successful at drawing middle-income consumers away from competitors like McDonald’s.