Completes Sale of Appliance Business to Centre Lane Partners
DOWNERS GROVE, Ill., Nov. 8, 2023 /PRNewswire/ — Instant Brands (the “Company”), maker of consumer favorites like Instant Pot®, Corelle®, Pyrex®, Snapware®, CorningWare®, Visions® and Chicago Cutlery®, today announced that it has completed the previously announced sale of its appliance business to an affiliate of Centre Lane Partners (“Centre Lane”).
“We are pleased to complete the sale of our appliance business to Centre Lane, who we believe is a great home for our appliance business as well as the employees that support it,” said Ben Gadbois, President and CEO of Instant Brands. “We strongly believe that with an adequate capital structure, Instant Brands will be in a much stronger position to support its products and continue to launch new innovative products globally. Finally, we want to thank all of our retail partners and suppliers that have continued to support us during this process.”
The Company is continuing to work on the ownership transition of its houseware business and will provide an update in the upcoming weeks.
Additional information regarding the Company’s court-supervised process is available at Instant Brands’ restructuring website, InstantBrandsRestructuring.com. Court filings and other information related to the proceedings are available on a separate website administered by the Company’s claims agent, Epiq, at https://dm.epiq11.com/InstantBrands, by calling Epiq toll-free at (888) 290-5211 (or (503) 694-4156 for calls originating outside of the U.S.), or by sending an email to InstantBrandsInfo@epiqglobal.com.
Davis Polk & Wardwell LLP is serving as Instant Brands’ legal counsel, Guggenheim Securities, LLC is serving as investment banker and AlixPartners, LLP is serving as restructuring advisor.
About Instant Brands
Instant Brands designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands: Instant®, Pyrex®, Corelle®, Corningware®, Snapware®, Chicago Cutlery®, and Visions®. With people-first and purpose-driven solutions in mind, Instant Brands is reimagining how people live, eat, connect, and play inside the home—and in the spaces where people gather. The Company is headquartered in Downers Grove, Ill., and employs more than 2,000 people across four continents. Today, Instant Brands’ products are in millions of homes worldwide. For more information visit Instant Brands or join the community at LinkedIn, Instagram, and Facebook.
About Centre Lane Partners
Founded in 2007, Centre Lane Partners is a private investment firm that invests in the equity and debt of middle market companies in North America. Centre Lane employs a flexible strategy that approaches complex situations with a solutions orientation. Centre Lane has an experienced, collaborative and diverse team, and seeks to partner with strong management teams that can benefit from patient, long-term capital and Centre Lane’s operational, financial and strategic expertise and support.
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SOURCE Instant Brands