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Middleby Corp. Message Board

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  • lner2512 lner2512 May 1, 2009 2:18 PM Flag

    Another Acquisition.....already...

    More on Anets--80 years old:

    MIDD is buying them for 35% of sales. Given any reasonable profit margin--and we know MIDD's history on improving profit margins of acquirees--Anets should be accretive this year. If you assume a 10% after-tax profit margin on $10M in sales, Anets could contribute maybe six cents in after-tax profits on an annual basis.

    In the case of serial aquirors like MIDD, the concept of "organic growth" gets pretty muddy, but as long as they buy these companies at a good price and make them perform, it doesn't matter. They are making the right moves in a fragmented industry, I think, certainly better than MTW's Enodis move!

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