- Instant Brands, maker of the popular Instant Pot, is merging with Corelle Brands.
- The Instant Pot combines a pressure cooker, steamer, warmer, rice cooker and slow cooker all in one.
- The financial terms of the deal were not disclosed.
The maker of the popular Instant Pot is merging with Corelle Brands.
The companies didn't include financial terms in the announcement Monday. The merger is expected to be completed during the second quarter.
Ottawa-based Instant Brands is best known for its Instant Pot, which combines a pressure cooker, steamer, warmer, rice cooker and slow cooker all in one. The appliance has a devoted following, with more than 185,000 people following its official Instagram account for recipes tailored to the device. The company has also been expanding its lineup with a blender and appliances for sous vide cooking, a method that involves vacuum sealing food.
Corelle Brands owns several houseware brands, including Pyrex, CorningWare and SnapWare. Private equity firm Cornell Capital bought the company in 2017.
"This partnership creates a leading housewares company with compelling opportunities for further growth by leveraging Corelle Brands' best-in-class platform and the proven leadership team's decades of experience in building market-leading brands," Henry Cornell, founder and senior partner of Cornell Capital, said in a statement.
Ken Wilkes, CEO of Corelle Brands, will continue in that role in the combined company. Robert Wang, founder and CEO of Instant Brands, will become chief innovation officer.
Wang said the deal will support Instant Brands' innovation and expand its product development pipeline, in addition to helping it reach new customers.