Instant Brands Receives Court Approval to Sell Business to Centre Lane Partners

News provided by

Oct 04, 2023, 09:00 ET

DOWNERS GROVE, Ill., Oct. 4, 2023 /PRNewswire/ -- Instant Brands (the "Company"), maker of consumer favorites like Instant Pot^®, Corelle^®, Pyrex^®, Snapware^®, CorningWare^®, Visions^® and Chicago Cutlery^®, today announced that following a comprehensive sale process and competitive auction, the U.S. Bankruptcy Court for the Southern District of Texas approved the Company pursuing the sale of its housewares and appliance businesses to affiliates of Centre Lane Partners ("Centre Lane").

"We believe our Company's sale to Centre Lane Partners represents the best path forward for our customers, retail partners, suppliers and employees," said Ben Gadbois, President and CEO of Instant Brands. "Through this process, we have found a great solution to fix our unsustainable capital structure that allows our business to continue driving innovation through our portfolio of iconic brands for consumers around the world."

Mr. Gadbois continued, "We would also like to thank all of our employees across the globe for their continued hard work and dedication throughout this court-supervised process."

The Company has entered into Asset Purchase Agreements with affiliates of Centre Lane, pursuant to which these affiliates will acquire Instant Brands' housewares and appliance businesses in separate transactions. The transactions are subject to regulatory approval and other closing conditions in the U.S. and Canada. Both transactions are expected to close in the fourth quarter of 2023.

Additional information regarding the Company's court-supervised process is available at Instant Brands' 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 is serving as restructuring advisor.

About Instant Brands

Instant Brands designs, manufactures and markets a global portfolio of innovative and iconic consumer lifestyle brands: Instant^®, Pyrex^®, Corelle^®, Corningware^®, Snapware^®, Chicago Cutlery^®, ZOID^® and Visions^®. With people-first and purpose-driven solutions in mind, Instant Brands is reimagining how people live, eat, connect, and play inside the home—and in the spaces where people gather. The Company is headquartered in Downers Grove, Ill., and employs more than 2,000 people across four continents. Today, Instant Brands' products are in millions of homes worldwide. For more information visit Instant Brands or join the community at LinkedIn, Instagram, and Facebook.

About Centre Lane Partners

Founded in 2007, Centre Lane Partners is a private investment firm that invests in the equity and debt of middle market companies in North America. Centre Lane employs a flexible strategy that approaches complex situations with a solutions orientation. Centre Lane has an experienced, collaborative and diverse team, and seeks to partner with strong management teams that can benefit from patient, long-term capital and Centre Lane's operational, financial and strategic expertise and support.

Media Contact
[email protected]

Aaron Palash / Rose Temple / Rachel Goldman
Joele Frank Wilkinson Brimmer Katcher
212-355-4449

SOURCE Instant Brands