Italian family business Ali Group expects its planned takeover of U.S. catering equipment rival Welbilt to boost sales as Americans’ appetite for takeaways and meal delivery drives a resurgent U.S. fast-food market, the company told Reuters.
Welbilt, which makes fryers and high-speed ovens for quick-service restaurants (QSRs) and is backed by billionaire activist investor Carl Icahn, last week said that Ali Group’s sweetened takeover bid was superior to its existing agreement with bigger rival Middleby Corp.
On Tuesday Middleby said it didn’t plan to increase its bid, ending the months-long tussle between the world’s largest food-service equipment companies.
Unlisted Ali Group, which produces the Carpigiani gelato machines that are among the ice-cream machines used by McDonald’s, told Reuters the proposed deal would create an industry giant with turnover of $3.5 billion.
It would be the biggest deal for an Italian company in the United States in seven years, Refinitiv data shows, creating a group with a 14,000-strong workforce operating in 34 countries including the United States, Japan and New Zealand.
