World Kitchen, which is backed by Oaktree Capital Management and W Capital, said Thursday that it has agreed to buy Snapware Corp. Financial terms were not announced. Mira Loma, Calif.-based Snapware provides storage and organization products for the home and kitchen under brands like Snapware, Snap ‘N Stack, and GlassLock. Rosemont, Ill.-based World Kitchen makes and market bakeware, dinnerware and kitchen tools under such brands as Pyrex, Corelle, Corningware and EKCO. BMO Capital Markets advised World Kitchen while Robert W. Baird & Co. servced as financial advisor to Snapware.
World Kitchen, LLC and its parent corporation, WKI Holding Company, Inc., today announced an agreement to acquire Snapware Corporation, a privately held company based in Mira Loma, CA. World Kitchen is a leading global housewares company, which manufactures and markets branded consumer bakeware, dinnerware, kitchen and household tools, rangetop cookware and cutlery products through a portfolio of well-known and trusted brands including Corelle®, Pyrex®, CorningWare® and Chicago Cutlery®. Snapware is an innovative high growth corporation specializing in storage and organization solutions for the home and kitchen under brands such as Snapware®, Snap ‘N Stack®, Smart Store® and GlassLock®. The acquisition is subject to regulatory and Snapware shareholder approval and is expected to be completed before the end of December, 2010. Terms of the agreement were not disclosed.
“World Kitchen is very excited to be acquiring Snapware, a successful company that has achieved double digit growth for many years with its innovative products targeting the home storage category,” said Joe Mallof, President and Chief Executive Officer of World Kitchen. “Snapware’s great people, plastic molding expertise, innovative culture and short product development cycle will make World Kitchen an even stronger company. World Kitchen plans to invest significantly to build Snapware’s brand equity and expand distribution of Snapware products in both domestic and international markets.”
“I am confident that joining forces with World Kitchen at this time is the right decision for our brands, our employees and our shareholders,” said Craig Allen, Chief Executive Officer of Snapware. “It will immediately enable us to grow distribution for our brands with both domestic and international retailers, as well as developing broader consumer support for our products.”
Snapware shareholders can contact Marc Alcser or Nicole Lorrimer of Stradling Yocca Carlson & Rauth, Snapware’s legal counsel, at (949)725-4000 for further information regarding the proposed transaction. In connection with the transaction, BMO Capital Markets acted as exclusive financial advisor to World Kitchen and Robert W. Baird & Co. acted as exclusive financial advisor to Snapware.
ABOUT WORLD KITCHEN, LLC
World Kitchen, LLC and its affiliates manufacture and market bakeware, dinnerware, kitchen and household tools, rangetop cookware and cutlery products sold under well-known and trusted brands including Corelle®, Pyrex®, CorningWare®, Chicago Cutlery®, EKCO®, Baker’s Secret®, Revere®, Magnalite®, and OLFA®.
World Kitchen, based in Rosemont, Ill., is privately held and employs approximately 2,800 people. The company has major manufacturing and distribution operations in the United States, Canada, and Asia-Pacific regions. It sells products through multiple channels, including mass merchandisers, department stores, specialty retailers, warehouse clubs, retail food stores, and internet sales. An additional channel is its own CorningWare Corelle Revere Retail Stores located in outlet centers across North America, as well as World Kitchen stores in Australia, China, and Korea.
Established in 1994, Snapware Corporation is a privately held company with more than 250 employees based in Mira Loma, California. Committed to providing its customers with high quality and innovative designs, Snapware specializes in storage and organization solutions for the home and kitchen (dry and wet foods, crafts, seasonal storage, industrial, pet, garage, closet, and more). The company’s storage brands include Snapware®, Snap ‘N Stack®, Smart Store®, GlassLock® and Airtight Canisters and Containers.