The maker of the popular Instant Pot is merging with Corelle Brands, the two companies announced Monday.
The financial terms of the merger were not disclosed. It is expected to be completed during the second quarter of 2019.
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 line-up with a blender and appliances for sous vide cooking, a method that involves vacuum sealing food.
Corelle Brands owns a number of 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, current CEO of Corelle Brands, will continue in the same role in the combined company. Robert Wang, founder and CEO of Instant Brands, will serve as its Chief Innovation Officer.
Wang said in a statement that the deal will support Instant Brands’ innovation and expand its product development pipeline, in addition to helping it reach new customers.
