Thursday March 14th, 2013 - 2:08PM
Target Corp. today announced agreements to acquire CHEFS Catalog and assets of Cooking.com in two separate transactions. The e-commerce acquisitions are aimed at expanding Target’s presence in the growing cooking and kitchenware market, the retailer stated.
Following the closings, the two businesses will be combined to create a new, wholly owned subsidiary of Target. Both brands will continue to operate under their current names. Target believes these transactions present a strategic growth opportunity, it said. However, the company indicated there will not be any meaningful financial impact to Target’s 2013 results.
“We are excited to bring CHEFS and Cooking.com into the Target family,” said Casey Carl, president of multichannel and senior vp/enterprise strategy at Target. “We know consumers are increasingly looking online for cooking solutions to make their lives easier– from utensils and cookware, to recipes. These strategic transactions provide us a great way to address this growing opportunity and will offer expanded online options for our guests.”
Tim Littleton, president and chief executive of CHEFS, will be president of the wholly owned subsidiary and will report to Carl. Tracy Randall, chief executive and co-founder of Cooking.com, will become a consultant to Target.
“We’re delighted to be a part of the Target organization,” said Littleton. “CHEFS has grown and thrived online by offering a well-edited selection of leading kitchen tools, gadgets and accessories. Combined with Cooking.com and their strong Powered By partnerships, their vast array of recipes and user-driven product ratings and reviews, we believe we’re well-positioned to provide an even richer online experience for our collective customers.”
Both transactions are expected to close within 30 days. Financial terms are not being disclosed.