Wed, 05/02/2014 - 11:40
Aurora Resurgence, an affiliate of private equity firm Aurora Capital Group, has completed the acquisition of Paris-based Arc International Cookware from the Arc International Group.
The deal includes Arc International Cookware’s subsidiaries Arc International Cookware Spain & Portugal, Arc International Cookware Srl and Arc International Cookware Ltd.
The company will be re-named International Cookware as part of the corporate carve-out, effective immediately. Financial terms of the transaction have not been disclosed.
International Cookware, which operates as an autonomous subsidiary, specialises in the design, manufacture and distribution of multi-material cookware products. It holds the exclusive license for the distribution of Pyrex-brand products in Europe, the Middle East and Africa, where the brand is a leader in the glass ovenware market. International Cookware also operates the largest borosilicate glass facility in the world for the manufacture of tempered glass with industry-leading heat and thermal shock resistance.
"International Cookware represents another great addition to the Aurora Capital Group portfolio," says Gerald L Parsky, chairman of Aurora Capital. "Aurora focuses on leading middle market companies, and the Resurgence team has demonstrated the ability to identify and acquire high-potential opportunities overseas. Aurora has a long track record of creating value by collaborating with management teams to facilitate growth, and we look forward to doing so with International Cookware."
Steven D Smith, managing partner of Aurora Resurgence, says: "We see a tremendous opportunity to grow International Cookware and capitalise on its strategic position in the large and highly fragmented housewares market. Aurora Resurgence excels in corporate carve-outs and similar transactions, with the ability to provide quick, flexible capital to stakeholders and substantial resources to management teams. This is our second new investment in Resurgence Fund II and we are pleased to add another well-positioned company."
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