Riverwater Partners, an investment management firm, established a position in The Middleby Corporation (NASDAQ:MIDD) during the second quarter of 2026, ahead of the company's planned spin-off of its food processing business. In its Q2 2026 investor letter, the firm noted that Middleby delivered its strongest organic growth in two years, with commercial foodservice sales up nearly 10% and food processing up 25%, and repurchased almost 5% of its shares outstanding in a single quarter. The spin-off, set for July 6, is expected to allow the market to properly value the two focused businesses. As of August 28, 2026, Middleby's shares closed at $112.75, with a market capitalization of $5.14 billion and a 52-week trading range between $89.14 and $148.55. The position was funded by trims of Modine and Kodiak Gas Services.
Middleby CorpRiverwater established a position ahead of the planned food processing spin-off, citing strong organic growth and a ~5% share buyback.
Kodiak Gas Services, Inc.Riverwater is the investor making the position and funding it via trims, not a subject of fundamental impact.
