The Middleby Corporation (NASDAQ: MIDD) has finalized a definitive agreement to sell a 51% controlling interest in its Residential Kitchen business to private equity firm 26North Partners LP. The transaction values the business unit at $885 million. Key Details:

• Brands Involved: The deal shifts control of major outdoor cooking brands Kamado Joe and Masterbuilt, along with premium indoor brands like Viking and AGA, to 26North.

• Strategic Impact: Middleby will retain a 49% stake but will focus its operations on commercial foodservice equipment. This move is expected to inject approximately $540 million in cash into Middleby, while 26North is anticipated to drive more aggressive consumer-facing growth strategies for the acquired brands.