Wednesday November 13th, 2013 - 8:57AM
Taylor Precision Products, Inc., a supplier of consumer and professional measurement devices, today announced that the company has acquired Metrokane, a leading North American marketer of wine and kitchen accessories, including the Original Rabbit Corkscrew and the Rabbit Electric Cocktail Mixer.
Metrokane sells products under a number of brand names including Rabbit, Houdini and Houdini Deluxe. The move, coupled with a smaller acquisition occurring concurrently, will increase Taylor’s revenues by 50%, according to the company.
Since its July 2012 acquisition by Centre Partners Management, a New York-based private equity firm, in conjunction with Rob Kay who became Executive Chairman with the acquisition, Taylor has been pursuing a strategy of broadening its product offerings through a combination of new product development and strategic acquisition initiatives. Metrokane represents the company's second acquisition during this period.
“We are extremely excited to be adding the world class brands and products from the innovator who created the wine accessory category over the past 15 years,” Kay said. “This highly strategic combination will further enhance Taylor’s capability to offer the most meaningful brands and products to our retail trade partners and builds a strong cornerstone addition to our growing portfolio.”
Taylor said it intends to retain the sales, marketing and product design capabilities that have been the hallmark of Metrokane’s success. The founders will remain with the company for a transition period of 15 months.
“The relationship and chemistry built up with Riki Kane and her team over discussions covering the past year made it very clear that this combination would be highly beneficial to all parties and allow us to better serve our customer base in all respects,” Kay said. “There is a tremendous amount of respect for Riki and what has been accomplished by Metrokane and Taylor looks forward to being a strong steward of the brands and products and continue to lead through innovation, packaging and design.”