Investing.com– Garden Investments, a new firm formed by a co-founder of Trian Fund Management, has taken an activist position in kitchen equipment maker Middleby Corp (NASDAQ:MIDD), the Wall Street Journal reported on Thursday.
Garden Investments- formed by Ed Garden- has built up an almost 5% stake in Middleby, the WSJ report said, with the activist investor calling for changes to boost Middleby’s sluggish share price.
Middleby’s shares rose 2.2% in aftermarket trade following the WSJ report.
Middleby is trading up about 2% in the past 12 months, vastly lagging peers such as Spectrum Brands Holdings Inc (NYSE:SPB) and Whirlpool Corporation (NYSE:WHR), who are up 9.3% and 19.1%, respectively.
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