Instant Pots aren’t just popular in the kitchen, they are apparently pretty popular in the business world as well. Instant Brands, the Ottawa, Canada-based company behind the beloved kitchen appliance, announced this week that it is merging with kitchenware maker Corelle Brands. The terms of the deal were not disclosed and the merger is expected to go through sometime during the second quarter of 2019.
Under the deal, Instant Pot will share the same corporate umbrella as other popular kitchen brands. That includes Pyrex, SnapWare, and CorningWare. The merger of Corelle Brands and Instant Brands is expected to create a company with an estimated value of more than $2 billion, according to the Wall Street Journal. Instant Brands will maintain its headquarters in Ottawa, and the company’s founder will take over as chief innovation officer of the new, merged company.
The appeal of having Instant Pot in your portfolio is an obvious one. The device has taken kitchens by storm in recent years. Cookbooks for Instant Pots are extremely popular and people love to share recipes that they have tried with the appliance. Instant Pot also has a sizable social media following. According to the companies, the merger will give Instant Brands more support for new products and will help get the devices in the hands of new customers.
“As one of the fastest-growing small kitchen appliance brands in the world, Instant Brands has established itself as a leader in innovation and its high-quality products have become a staple in kitchens in North America, fundamentally changing how consumers think about cooking,” Ken Wilkes, chief executive officer of Corelle Brands, said in a statement. “We are excited to work with Robert and the rest of the talented Instant Brands team in providing operational and marketing support and access to our global sales network to accelerate multi-channel and new product growth as part of the Corelle Brands family.”
“We are thrilled to partner with a global market leader in Corelle Brands as we look to embark on our next chapter of strategic growth and expansion,” Robert Wang, founder, and chief executive officer of Instant Brands, said in his own statement. “Corelle Brands and Cornell Capital will be true partners in supporting our innovation and expanding product development pipeline.”