Standex International (SXI) Acquires Ultrafryer Systems

Standex International (NYSE: SXI) announced that it has acquired San Antonio-based Ultrafryer Systems, a leading producer of commercial deep fryers for restaurant and commercial installations. Ultrafryer had revenue of approximately $15 million in the trailing twelve months. The acquisition of Ultrafryer is expected to be accretive to earnings of $0.02 - $0.04 cents in Fiscal 2015 and $0.14 to $0.16 in Fiscal 2016.1

“I am pleased to welcome Ultrafryer to Standex,” said David Dunbar, CEO of Standex. “The company is highly regarded for the performance and quality of their products, which complement our product line and allow us to provide broader solutions to restaurant chains and commercial food service installations1. In addition, Standex brings a broader global supply chain to support the Ultrafryer products. I have been impressed with the management team and look forward to working together with them.”

“This acquisition is a big step in moving Standex into the food service chain fryer segment and complements many of FSEG’s current fryer product offerings within the grocery retail segment,” said John Abbott, Group Vice President, Food Service Equipment Group. “The heavy-duty, reliable, high-efficiency fryer solution offered by Ultrafryer serves many leading chains that utilize frying as their core cooking process. These include major chicken restaurant chains and other high volume fast food chains in the U.S. and internationally. As we sharpen our focus on attractive segments with growth potential, we look forward to introducing Ultrafryer’s product line to our other Food Service Chain customers and to our dealer network.

“We are pleased to join Standex, which affords Ultrafryer opportunities to expand our sales within much larger markets and to capitalize on the Company’s significant buying power1,” said Ed Odmark, President and CEO of Ultrafryer Systems. “At the same time, we are excited to help Standex broaden its core fryer business within the Food Service Equipment Group1. Our close customer intimacy within the chicken chain segment and our focus on energy efficiency, with both gas- and electric-powered fryers, help make Ultrafryer and Standex a great strategic fit.”

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