JH Partners has agreed to sell its portfolio company, CHEFS Catalog, to Target Corp. The transaction is expected to close by the end of April. JH Partners acquired CHEFS Catalog from The Neiman Marcus Group in 2004.
CHEFS Catalog is a direct-to-consumer specialty retailer of cookware, bake ware, cutlery, kitchen tools and cooking utensils. Brand names include All-Clad, Cuisinart, Le Creuset, KitchenAid, Scanpan, and Wusthof. The company was founded in 1979 and is based in Colorado Springs, CO (www.chefscatalog.com).
Upon completion of the transaction, Target will combine CHEFS Catalog with the acquired assets of Cooking.com to create a new, wholly-owned subsidiary of Target aimed at expanding the company’s presence in the growing cooking and kitchenware market. Both brands will continue to operate under their current names.
“We’re delighted with the outcome of our work with CHEFS Catalog’s management team, led by Tim Littleton,” said Michael John, partner at JH Partners. “CHEFS and the JH Partners teams have worked together to transform CHEFS from a single channel catalog company into a true multichannel retailer of great cookware with exceptional revenue and margin growth driven by our online business.”
JH Partners invests from $15 million to $75 million in growth-oriented middle-market consumer products and services companies that have at least $10 million in revenue. JH Partners has invested in many well-known brands including Bare Escentuals, J.McLaughlin, Frette, Alex and Ani, Design Within Reach, Jurlique, and Peet’s Coffee & Tea. The firm manages approximately $1 billion in private equity commitments. JH Partners is based in San Francisco, CA (www.jhpartners.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 3-15-13
