Instant Brands gets OK to sell business to Centre Lane Partners

By Sarah Lizee

Olympia, Wash., Oct. 4 – Instant Brands received approval from the U.S. Bankruptcy Court for the Southern District of Texas to sell its housewares and appliance businesses to affiliates of Centre Lane Partners for $350.8 million, according to a Wednesday press release.

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 United States and Canada. Both transactions are expected to close in the fourth quarter of 2023.

“We believe our company’s sale to Centre Lane Partners represents the best path forward for our customers, retail partners, suppliers and employees,” Ben Gadbois, president and chief executive officer of Instant Brands, said in a news release.

“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.”

Guggenheim Securities, LLC acted as investment banker.

Instant Brands is a Downers Grove, Ill.-based manufacturer of kitchen and houseware brands, such as Instant Pot, Pyrex, Corelle, CorningWare, SnapWare, Chicago Cutlery and Visions. The company filed bankruptcy on June 12 under Chapter 11 case number 23-90716.

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