MIDDLEBY Corp MIDD → Midera Food Processing, Inc. MFP
| Parent | MIDDLEBY Corp MIDD |
|---|---|
| Spinco | Midera Food Processing, Inc. MFP |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 1 Midera share for every 1 Middleby share |
| When-issued ticker | MFPVV |
| Checked against EDGAR | 2026-08-21 |
Data trap
Middleby's segment reporting included Food Processing through the quarter ended before July 6, 2026, so any MIDD trailing figure spanning the separation overstates the continuing company. Midera's own reported history begins with its 10-Q filed 2026-08-18.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2025-02-25Separation announced
- 2026-05-04Form 10 filed
- 2026-05-27Form 10 last amended
- 2026-06-17Form 10 effective
- 2026-06-26Record date
- 2026-06-26When-issued trading opens
- 2026-07-06Distribution
- —First standalone earnings
- —Index inclusion announced
Performance since separation
| Midera Food Processing, Inc. since separation | +38.55% |
|---|---|
| MIDDLEBY Corp over the same window | -19.89% |
| S&P 500 (SPY) over the same window | +1.92% |
| Russell 2000 (IWM) over the same window | +0.35% |
| Excess over the S&P 500 | +36.63% |
| Excess over the Russell 2000 | +38.20% |
Measured from the first regular-way close on or after the distribution — 2026-07-07 at 36.60 — to 2026-08-21 at 50.71. Window: 2 months. That is a short window. Treat it as a fact about these few weeks, not as evidence about how the separation turns out. The 2026-07-06 session was skipped: it traded on when-issued volume, not regular-way, and pricing from it would measure the return against a market that no longer existed the next day. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | +3.46% |
|---|---|
| Combined (MIDDLEBY Corp + Midera Food Processing, Inc.), pre-distribution to now | +17.97% |
| Combined excess over the S&P 500 | +15.16% |
| Combined excess over the Russell 2000 | +17.17% |
Combined treats a pre-spin holding as 1 Midera share for every 1 Middleby share valued at the parent's last close before regular post-spin trading resumed — 2026-07-02 at 140.87 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2026-05-04 · 0001193125-26-202395Initial Form 10 registration statement for the Food Processing business
- 10-12B/Afiled 2026-05-27 · 0001193125-26-241891Amendment No. 1 to the Form 10
- 8-Kfiled 2026-06-22 · 0001193125-26-276742Final information statement: Form 10 declared effective June 17, 2026, record date June 26, 1-for-1 ratio, and when-issued trading under MFPVV beginning on or about June 26
- 8-Kfiled 2026-07-06 · 0001193125-26-295649Middleby completed the spin-off of Midera on July 6, 2026
- 10-Qfiled 2026-08-18 · 0001193125-26-354735First standalone quarterly report
Notes
Middleby separated its Food Processing segment, retaining commercial foodservice and residential kitchen equipment. Classified non-focus-increasing: both legs remain industrial equipment manufacturers in SIC 3580. The June 22 8-K states when-issued trading under MFPVV began 'on or about' June 26, 2026, which is the date recorded here.