CID Announces Chef’n Sale and Investment in Taylor
The Chef’n Corporation, an innovative design leader in the global housewares industry and portfolio company of CID Capital announced today its merger with Taylor Precision Products, Inc., a leading North American marketer of a wide range of branded consumer housewares products. The combined entity will be run by Rob Kay, who serves as Taylor’s Chairman and CEO. Taylor will retain Chef’n’s Seattle operations, where the company has been based for 32 years. The Chef’n management team will assume roles in the combined organization. Said Mr. Kay, “Chef’n maintains a best-in-class innovation and design team that supports the Company’s new product development efforts. We look forward to leveraging these exemplary talents across the entire Taylor organization.” Affirmed Chef’n Founder David Holcomb, “Taylor’s category leadership, relationships with key retailers, and vision for growth made it the clear partner for Chef’n. I look forward to working with Rob and the rest of the Taylor team to execute on this vision over the coming years.” Holcomb founded Chef’n in 1982, starting with the “Garlic Machine” – an innovative device for chopping fresh garlic cloves in a clean and efficient manner. Today the Company has over 300 patents with products available in 40+ countries. This merger marks the next stage in Chef’n and CID’s very successful partnership, which began in November of 2011. At that time, Chef’n selected CID to conduct an owner recapitalization of the company. Chef’n and CID subsequently worked together to develop a detailed growth strategy that dramatically improved the company’s business processes and led to strong top and bottom line growth. CID and the Chef’n management team have taken a minority position in Taylor to participate in the next stage of growth. CID Capital Managing Director Scot Swenberg led the effort to merge Chef’n with Taylor. He commented, “Chef’n’s merger with Taylor creates great opportunities for the Chef’n management team to leverage their capabilities across a broader platform. I have enjoyed working with Rob at Taylor and his team to date and look forward to assisting the Taylor organization in the years ahead. Our successful partnership with Chef’n exemplifies CID’s model of supporting strong businesses and talented management teams – this is a great outcome for everyone involved.” ABOUT TAYLOR Taylor, based in Oak Brook, Illinois, is a leading North American marketer of a wide range of branded consumer houseware products – including kitchen scales, thermometers, timers, bath scales, outdoor weather measurement products, wine accessories and barware. The company’s owned and licensed brand names include Taylor®, Homedics®, Salter®, Rabbit®, Houdini™, and Eatsmart®. With a heritage dating back over 160 years, Taylor serves customers ranging from high-end specialty stores to mass merchandisers, hardware stores, club stores, grocery stores, specialty stores, and e-commerce retailers. Its market leadership is maintained by providing high-quality, attractive products at a competitive consumer prices, plus outstanding retail customer service and support. ABOUT CHEF’N Chef’n is a leading global housewares products business that provides inventive, fun and highly functional products sold through retailers and distributors who are leaders in their categories. Product offerings include kitchen gadgets, kitchen tools, measuring and baking equipment, grinders, cleaning utensils, strainers and steamers, salad preparation tools, beverageware, and other accessories sold under the Chef’n® and Vibe® brands as well as through private label brands for select customers. ABOUT CID CAPITAL CID Capital is a private equity group that makes control investments in high-quality, lower-middle-market companies that have shown a consistent track record of success. For companies that have reached a performance level that finds them transitioning beyond being an entrepreneurial business, our Indianapolis, IN-based firm can deliver the planning, experience, resources and capital to overcome critical constraints and build long-term value. With our disciplined approach, we work on minimizing the uncontrollable and turning previously chaotic scenarios into predictable business models.
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