Middleby is a manufacturer of commercial kitchen and food processing equipment. The company operates through two core segments. Commercial Foodservice (~73% of revenue) makes ovens, fryers, refrigeration, ice machines, beverage dispensers, and coffee equipment sold to QSRs, fast casual chains, full-service restaurants, hotels, and institutional operators. Food Processing (~27% of revenue) makes industrial-scale cooking, baking, mixing, forming, and packaging systems for large food manufacturers in protein, bakery, and snack categories. Middleby sells Commercial Foodservice equipment through independent dealers and distributors in the U.S., and directly to large chains. Food Processing sales go through a direct, consultative sales force given the customized nature of the equipment. Revenue is driven by restaurant replacement cycles, new unit openings, menu evolution, and technology upgrades. Parts and service represent ~17% of Commercial Foodservice revenue and ~33% of Food Processing revenue, providing a recurring base. Middleby's growth priorities in Commercial Foodservice include an integrated beverage platform (ice, coffee, dispensing), IoT-connected kitchen systems under its "Open Kitchen" platform, automation and ventless cooking, and international expansion. A planned tax-free spin-off of the Food Processing segment is targeted for Q2 2026, which would leave Middleby as a pure-play Commercial Foodservice company. Middleby has also sold a 51% stake in its Residential Kitchen Equipment segment, retaining a 49% non-controlling interest.