Although Ed Garden may not make headlines like some other activist investors, the market still got excited when he took a position in food service equipment manufacturer Middleby Corp (NASDAQ:MIDD). However, that excitement appears to have waned as the year has gone on.
Shares of Middleby are only up by about 2% year to date after tumbling from a spike earlier this year following the news of Garden’s involvement. The stock has tumbled 9% over the last month as of early afternoon on Aug. 25.
In its Q1 2025 letter to investors, Turtle Creek Asset Management reported that Middleby was its biggest contributor to the performance of its flagship fund in the quarter. The company also received a mention in Heartland Advisors’ and Ariel Investments’ Q1 letters and in Vulcan Value Partners’ Q4 2024 letter. All four funds continued to hold Middleby during the second quarter, according to 13F filings.
Background on Middleby
Middleby is a U.S.-based designer, manufacturer and marketer of commercial food service, food processing and equipment for residential kitchens. Owning over 120 different well-known brands, many of which are over a century old, the company’s products are used around the world.
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