Cornell Capital LLC, a private investment firm, has signed a definitive merger agreement to acquire World Kitchen.
According to World Kitchen, a partnership with Cornell Capital will enable the company to build on its deep heritage in kitchen products, accelerate the next phase of its organic growth, as well as explore strategic consolidation opportunities within the $80 billion global housewares space.
Cornell Capital said that its investment in World Kitchen is consistent with the firm’s strategy of partnering with strong management teams to further build businesses, both organically and through acquisitions. Further, Cornell Capital said it will leverage the firm’s unique investment experience in Asia to continue to develop World Kitchen’s business in the region.
“Our partnership with Cornell Capital will enable World Kitchen to capitalize on our strong position in the United States, where our products are in more than 80% of all homes, and our growing presence in high-growth emerging markets,” said Carl Warschausky, CEO of World Kitchen. “We look forward to leveraging the extensive experience, deep industry expertise and global network of Cornell Capital to continue offering enhanced opportunities for our employees and delivering superior products for our customers.”
Financial details of the transaction were not disclosed. The acquisition is expected to be completed during the second quarter of 2017.
