Instant Brands announced it has completed the sale of its appliance business, including the Instant Pot brand, to an affiliate of Centre Lane Partners.
Instant Brands, which filed for Chapter 11 protection in June of 2023, reported in early October the U.S. Bankruptcy Court for the Southern District of Texas approved the company pursuing the sale of its housewares and appliance businesses in separate transactions to affiliates of Centre Lane.
Private equity firm Centre Lane owns Lenox Corporation, which includes such brands as Lenox, Reed & Barton, Oneida, Hampton Forge, Cambridge and Kate Spade New York.
Instant Brands continues to market such housewares brands as Corelle, Pyrex, Snapware, CorningWare, Visions and Chicago Cutlery.
“We are pleased to complete the sale of our appliance business to Centre Lane, who we believe is a great home for our appliance business as well as the employees that support it,” said Ben Gadbois, president and CEO of Instant Brands. “We strongly believe that with an adequate capital structure, Instant Brands will be in a much stronger position to support its products and continue to launch new innovative products globally. Finally, we want to thank all of our retail partners and suppliers that have continued to support us during this process.”
Instant Brands reported it is continuing to work on the ownership transition of its housewares business and will provide an update in the coming weeks.