The acquisition of Proxaut by Middleby and the starting of a new era

Great accomplishments do not come out of nowhere, first they must be a vision and then realized, step by step, with passion and patience. The path can be long and sometimes on the journey one has to reflect and even take steps backwards to move forward. When the finish line is reached, there is the outstanding reward of having achieved a goal, even if it was very challenging.

This is actually what happened to Mr. Stefano Ballotti when he decided to find a way to build a solid future for his company, Proxaut. Since the founding Proxaut in 1996, he always strived for growth. In fact, he expanded Proxaut from just a few people, to an industrial company of more than 50 people, in over 25 years of hard work.

A few years ago, Stefano Ballotti realised that, like a son who had come of age, PROXAUT needed redirect its business toward a new future. He knew it was time to look for an opportunity to continue building upon what he had worked so hard to create. Then, he then connected with Middleby Corporation, through an important Italian customer of Proxaut called VE.MA.C., based in Castelnuovo Rangone, Modena (Italy). The customer specialised in processing lines for dry cured meats and salami, and had been part of Middleby since 2018. This was the moment he realized that something special could happen.

In Stefano Ballotti's eyes everything was clear and something similar to the acquisition of VE.MAC. was what he wanted. He hoped to join a large, highly-respected company with well-known brands. He envisioned the opportunity to be part of a big American corporation with many resources and offices all over the world like Middleby. He considered what was best for the company and its employees and the future of PROXAUT.

The parties came to an agreement on June 29, 2022 and Stefano Ballotti finalized the sale of Proxaut to Middleby. By selling his 100% ownership he gave the Proxaut the opportunity to grow with the support of an established and experienced industrial group of brands. The mission of Middleby to develop and deliver the best innovation to the marketplace with the most well-respected brands. Middleby focuses on investments in technology that are in high demand by customers.

The official announcement to all staff took place on June 30, 2022. On this special occasion, Mr. Agustin Zufia, Vice President for Finance at Bilbao-based Middleby Worldwide, addressed employees with excitement. He highlighted how the acquisition is a great fit for both Middleby and Proxaut as it would accelerate growth and product innovation. Mr. Zufia also described Middleby as a company with deep roots. Founded in 1888, Middleby is now a world leader in equipment for professional and home kitchens, chosen by the best restaurants and chefs in the world.

Headquartered in the United States and employing more than 10,000 people worldwide in more than 100 countries, Middleby is a publicly traded company (NASDAQ: MIDD) and consists of more than 100 brands. In 2022 it was named one of the World's Best Employers by the authorative magazine Forbes.

Now Proxaut and its AGV (automatic guided vehicles) has a goal to expand the Middleby portfolio of automation solutions, adding prestige to the entire group.

The Proxaut staff would like to sincerely thank the founder Stefano Ballotti for his tremendous effort, and recognize the active role he played in this acquisition. The Proxaut Team has much gratitude for all that he has done for the company and its employees. We are pleased that Mr. Ballotti will remain at Proxaut at the side of his collaborators, to continue contributing but with less responsibilities...

For more information on Middleby and the company's brands, visit www.middleby.com

For more information on VEMAC, visit www.vemacautomazioni.it

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