Groupe SEB reported it has acquired a majority interest in Colombia-based kitchenware manufacturer IMUSA.
The deal was completed December 17 following approval by Colombian competition authorities, Groupe SEB announced.
IMUSA, with a wide Latin American presence and an expanding U.S. business, makes and markets specialty cookware, which accounts for two-thirds of its sales, as well as plastic food containers and household products.
Groupe SEB will add an IMUSA cookware portfolio that includes such brands as T-Fal, Wearever and All-Clad. Groupe SEB also is the parent of the Krups and Rowenta appliance business, and the licensed Emerilware cookware and electrics franchise.
Details on how Groupe SEB plans to integrate IMUSA’s Miami-based U.S. operation into SEB’s U.S. operation were not available at presstime. Groupe SEB currently operates two U.S. hubs, a West Orange, NJ-based center for T-Fal, Wearever, Krups, Rowenta and other volume- channel brands, and a Canonsburg, PA, center for All-Clad.
IMUSA posted revenue of $85 million for the nine months ended September 30, an increase of about 15% compared with the prior-year period.
Because IMUSA is listed on the Bogota Stock Exchange with a small float representing around 6% of the shares and a narrow market, a delisting offer will be launched at the conclusion of which Groupe SEB expects to hold at least 94.17% of the company’s capital.
The parties expect the transaction to be completed in February 2011.