Instant Brands, the company behind Instant Pot, Pyrex, Corelle, Snapware, and more, has announced that it has completed the sale of its appliance business to an affiliate of Centre Lane Partners.
“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.”
Instant Brands 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 Instant Brands court-supervised process is available at the company’s 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 [email protected].
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.
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