Middleby Corp. (MIDD)

High-end restaurant kitchen equipment. Covid was a game-changer -- restaurants were just trying to survive, not spend on capex, so revenue growth slowed. Not a great return over that long a time. Really good track record of acquisitions. North of $10B now, so too big for him, but he's always liked management and the asset base.

It makes and services equipment for restaurants, a great niche business. It is the best and largest in its field. The services part does particularly well. 

Restaurant kitchen equipment manufacturer that ventured into residential brands. They own 30-40 commercial equipment brands. They are not a customer facing brand so no one knows of them. They have done 15-20% compounding growth. He thinks they will continue to compound at these rates over a multi year period. (Analysts’ target: $139.86).

(A Top Pick December 27, 2017. Down 4.49%). This is a player in restaurant equipment. They have done a great job deploying capital into complementary kitchen equipment businesses. They do a great sales job, explaining the value of new equipment for water savings, energy savings, etc. Their margins have been under pressure but he believes this will improve over the year.

Commercial kitchens. If you pull up a long term chart, it has been a great compounder of value over their long term. What they have done historically is really through acquisitions, moving into different niches in the commercial kitchen space. Has been doing a great job of articulating what’s in it for the customer. Likes to keep a new refresh cycle below 2 years pay back for the customers. (Analysts’ price target $142.)

(A Top Pick Sept 15/15. Up 18.73%.) The dominant company globally for supplying kitchen appliances to the major restaurant chains.

It does environmentally, greeny type kitchen appliances for the world’s largest restaurant chains.

(A Top Pick Jan 13/14. Up 17.99%.) Industrial restaurant equipment.

(Top Pick Jan 3/13, Up 91.24%) The unique provider of kitchen wear and environmentally, fume free kitchenware for restaurants. Top holding in special opportunities fund. Thinks it has legs. It is so brilliant at doing catalytic convertors for ovens it makes. Small cap.