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Lincat Holdings plc has been acquired by Middleby Corporation

Arrowpoint Advisory's Industrial sector team has advised the Board of Lincat Group plc on the sale of the company to US headquartered The Middleby Corporation.

Lincat is a UK-based manufacturer of commercial kitchen and bar equipment. Its 2010 results, announced on the same day as the transaction, show group turnover of 32.7m and operating profits of 5.6m.

The transaction, which is to be implemented via a scheme of arrangement, values the company at c.58m and each share at 1050p, a premium of nearly 40% to the closing price immediately prior to announcement and an even more impressive premium to average share prices given that within the last 12 months Lincat's share price has been as low as 460p.

Middleby is committed to building a strong presence in the UK market and views this transaction as an important strategic step; it intends to keep manufacturing with the UK and believes there will be significant opportunities for Lincat to grow as part of the wider Middleby group. Lincat employs nearly 300 staff over three sites located throughout the UK.

Jeremy Furniss, Managing Director at Arrowpoint Advisory said: "This transaction is an excellent example of our ability to deliver cross-border, public company transactions, juggling the demands of an auction process, to achieve the best price, with the conflicting requirements of the UK Takeover Code."

"Lincat has shown its inherent quality by delivering a strong performance in a tough market. We are delighted to have identified a purchaser with a strong cultural and strategic fit, capable of recognising the value within Lincat."

Jeremy Furniss

Managing Director

Phone: +44 20 7484 4703

Mobile: +44 7711 078462