Spectrum Diversified Designs and ICI USA, the parent company of kitchenware brand Tovolo, have merged their businesses.
According to a joint statement from the companies, the goal is to create a united business that will deliver more value and creative product solutions for housewares retailers. ICI brings its kitchen tools, gadgets and food prep lines to the merger, while Spectrum brings its portfolio of storage and organization items.
The merger will bring together senior leadership from both organizations. Sheldon Goodman will continue to serve as chairman and CEO of the combined organization, with Matthew Frank continuing as president of Tovolo and Aaron Goodman continuing as president of Spectrum.
“When we launched Tovolo in 2004, our goal was simple: To create housewares products that people would love to use. We are excited to be combining our business with Spectrum, which shares our passion for product innovation and creativity, and leveraging that passion to provide outstanding value for our customers,” said Matthew Frank, founder, ICI.
In a joint statement, Sheldon and Aaron Goodman of Spectrum Diversified Designs stated, “ICI’s fantastic track record of developing premium kitchen products fits perfectly with our strategic growth plans. The Tovolo brand represents design, quality and value, three tenants upon which we have built the Spectrum business. We are thrilled to work in tandem with Matt and his team with the ultimate goal of driving more value for our retail partners.”