Dover announced that it has entered into a definitive agreement to sell its Unified Brands business, which is part of Dover's Refrigeration & Food Equipment segment, to Electrolux Professional AB for approximately $244 million, on a cash free and debt free basis, subject to customary post-closing adjustments. Unified Brands designs, manufactures and markets professional cooking equipment for commercial food service operators and is expected to generate approximately $135 million in sales in 2021.
Commenting on the transaction, Dover's President and Chief Executive Officer, Richard J. Tobin, said, "Unified Brands has been a part of the Dover family for over fifty years. As we look to the future, we believe that this transaction is a good outcome for both Dover and Unified Brands. It will allow Dover to concentrate our time and capital on growing our core business platforms, while Unified Brands will benefit from Electrolux Professional's focus on the commercial foodservice market and its complementary customer base, product lines and channel partners.
The transaction is expected to close in the fourth quarter of 2021, subject to customary closing conditions.
