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Dive Brief:
- Following a competitive auction, the U.S. Bankruptcy Court for the Southern District of Texas approved a sale of Instant Brands to private equity firm Centre Lane Partners, according to a company announcement.
- Centre Lane Partners will acquire the company in two separate transactions, both of which are subject to regulatory approval and closing conditions in the U.S. and Canada.
- The transactions are expected to close in the fourth quarter of this year.
Dive Insight:
The maker of popular kitchen brands Corelle, Pyrex and Instant Pot has found a new home.
Instant Brands, which was majority owned by private equity firm Cornell Capital since 2019,filed for Chapter 11 bankruptcy in June. At that time, CEO Ben Gadbois said the company’s capital structure, including its debt levels, were unsustainable. The company soon began to solicit offers to sell the business.
"We believe our Company's sale to Centre Lane Partners represents the best path forward for our customers, retail partners, suppliers and employees," Gadbois said in a statement. "Through this process, we have found a great solution to fix our unsustainable capital structure that allows our business to continue driving innovation through our portfolio of iconic brands for consumers around the world."
The company in August received $30 million in new term loan financing from its existing lenders, which, on top of previous commitments, brought the total to $162.5 million.
According to the company, 90% of American homes — and millions of homes globally — have or use an Instant Brands product. The Instant Pot in particular saw a rise in popularity during the 2018 holiday season, where Kohl’s sold 60 per minute on Thanksgiving.
FAQs
Last June, while majority-owned by private equity firm Cornell Capital, Instant Brands filed for Chapter 11. In October private equity firm Centre Lane Partners acquired the company after a competitive bankruptcy auction.
How much did Instant Brands sell for? ›
Pursuant to asset purchase agreements executed by Instant Brands and Centre Lane following a 4-day contested auction process, Centre Lane will acquire Instant Brands' housewares and appliances businesses in two separate transactions, for gross purchase prices of $228.2 million and $122.6 million, respectively.
Is Instant Brands owned by Corelle? ›
Corelle Brands is home to iconic, category-leading brands, including Instant™, Corelle®, Pyrex®, Corningware®, Snapware® and Chicago Cutlery®. We're passionate about delivering products that facilitate the joy we find in cooking and sharing food with family and friends.
Who is the new CEO of Instant Brands? ›
DOWNERS GROVE, Ill., April 1, 2024 /PRNewswire/ -- Instant Pot Brands, a leading designer, marketer and distributor of electric pressure cookers, air fryers and other small kitchen appliances globally, announced the appointment of four new senior executives to its leadership team: Chris Robins as Chief Executive ...
Did Cornell Capital buy Instant Brands? ›
Instant Brands filed for chapter 11 in June, listing more than $500 million in both assets and liabilities. Private-equity firm Cornell Capital bought the company in 2019 and combined it with Corelle Brands, another kitchenware company.
Who is the advisor of Instant Brands? ›
Davis Polk & Wardwell LLP, Haynes and Boone, LLP and Stikeman Elliott LLP are serving as Instant Brands' legal counsel, Guggenheim Securities, LLC is serving as investment banker and AlixPartners, LLP is serving as restructuring advisor.
Why did Instapot fail? ›
"In reality, Instant Pot's owners borrowed hundreds of millions of dollars and spent a significant chunk of that money on R&D, developing new products and employing lots of people in the process." This was a high-risk strategy — one that failed, but it's not necessarily all bad for everyone in Instant Brand's orbit.
What brands are Instant Brands? ›
We're home to an iconic family of brands – Corelle®, Corningware®, Pyrex®, Snapware®, Chicago Cutlery® and Visions® – who are already known for creating ingenious products to prepare and serve food. Soon we'll be introducing ingenious solutions to help us all enjoy being together, everywhere in the home.
Is Instapot going out of business? ›
The Instant Pot, for its part, is not dead. Cornell Capital has brought in a restructuring crew, and the brand's Chapter 11 bankruptcy filing allows it to continue doing business while it seeks relief from its debts.
Is Corelle made in China? ›
While the plates and bowls pass muster, the Corelle mugs look and feel like dollar store items. Interestingly, the mugs are the only part of the dinnerware set that is not made in Corning, New York, of Corelle's signature chip-resistant material. Instead, they're made in China.
Instant Brands designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands: Instant®, Pyrex®, Corelle®, Corningware®, Snapware®, Chicago Cutlery®, ZOID® and Visions®.
Are Pyrex and Corelle the same company? ›
In 1998, the kitchenware division of Corning Inc. responsible for the development of Pyrex spun off from its parent company as Corning Consumer Products Company, subsequently renamed Corelle Brands.
Are Instant Brands publicly traded? ›
Is Instant Brands (Downers Grove) a private or public company? Instant Brands (Downers Grove) is a Private company.
When did Instant Brands buy Corelle? ›
On March 4, 2019, the company announced it had entered into a merger agreement with Instant Brands, maker of the Instant Pot kitchen appliance, and Corelle's chief executive would become the chief executive of the merged company while Instant Brands founder Robert Wang would become the merged company's "chief ...
Who is the marketing director of Instant Brands? ›
Amrita Atwal - Snr Director, Marketing EMEA - Instant Brands EMEA | LinkedIn.
When did Instant Brands acquire Corelle? ›
On March 4, 2019, the company announced it had entered into a merger agreement with Instant Brands, maker of the Instant Pot kitchen appliance, and Corelle's chief executive would become the chief executive of the merged company while Instant Brands founder Robert Wang would become the merged company's "chief ...
Who owns one equity partners? ›
