Centre Lane Partners announced that on November 8, 2023 an entity affiliated with Centre Lane has completed the acquisition of the Appliances Division of Instant Brands, which had filed for Chapter 11 bankruptcy protection on June 12, 2023.
Founded in 2009 and headquartered in Downers Grove, Illinois, Instant Brands Appliances designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands including Instant®. The Company revolutionized the electric pressure cooker category with its Instant Pot portfolio of products.
With this transaction and recapitalization, Instant Brands Appliances is well-positioned as a strong platform with leading brands and strong customer relationships. Going forward, the Company expects to leverage its brands to bring new and exciting products to the kitchen appliances segment.
"We are delighted to be affiliated with such strong brands," stated Quinn Morgan, Managing Director of Centre Lane. "Instant Brands Appliances is well positioned to benefit from our CLP-VCF™ and we look forward to working with the Company to bring innovation to the kitchen appliances segment as we evolve and grow the Company's product assortment," added Mayank Singh, Managing Director of Centre Lane.
Centre Lane was advised by Jones Day and financing for the transaction was provided by MidCap Financial.