Electrolux is acquiring Anova, the U.S.-based provider of the Anova Precision Cooker, a connected device for sous vide cooking.
According to the company, the acquisition provides an opportunity for profitable growth in this emerging product category. Anova’s direct-to-consumer business model and digital focus are also of strong strategic interest to Electrolux.
Anova’s net sales in 2016 amounted to an estimated $40 million.The company has approximately 70 employees and contractors globally and is headquartered in San Francisco. The up-front cash consideration in the transaction is $115 million, with an additional amount of up to $135 million, depending on future financial performance.
To further leverage benefits of the acquisition, the Electrolux home care business area intends to open an office in San Francisco, in order to establish a hub for creating innovative consumer experiences in the smart home arena.
“Anova’s mission to make it easy for consumers to cook like a pro is so similar to our own focus on great tasting food that this was quite obviously a perfect match,” said Ola Nilsson, head of Electrolux business area home care and small domestic appliances. “It’s also a great strategic fit in terms of Anova’s approach to online sales and digital marketing, and in how they leverage connectivity in the products. We have a lot to learn from each other, and look forward to helping Anova take the next steps on their global growth journey while maintaining an agile and innovative culture.”
The Anova Precision Cooker connects to a user’s smartphone and offers thousands of recipes to make it easy to cook sous vide. Food is placed in a sealable bag and brought to a precisely controlled temperature in a water bath. The precision cooker is an immersion circulator, which heats and maintains the water at a precise temperature.
“This acquisition offers a valuable stepping stone in our journey to deliver best in class consumer experiences through smart, connected appliances. Additionally, Anova’s passionate community of food lovers is a great example of the kind of relationship we are building with people around the world,” said Jonas Samuelson, president and CEO of Electrolux.
The acquisition is subject to regulatory approvals, and is expected to close during the first quarter of 2017.