Aurora Capital Group, a Los Angeles-based private equity firm, announced that its affiliate, Aurora Resurgence, has completed the acquisition of Paris-based Arc International Cookware S.A.S. and its subsidiaries, Arc International Cookware Spain & Portugal, Arc International Cookware Srl and Arc International Cookware, from the Arc International Group S.A.
According to a release, the company will be re-named International Cookware as part of the corporate carve-out, effective immediately. Financial terms of the transaction were not disclosed.
International Cookware, which operates as an autonomous subsidiary, specializes 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 heat and thermal shock resistance.
"International Cookware represents another great addition to the Aurora Capital Group portfolio," said 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, said, "We see a tremendous opportunity to grow International Cookware and capitalize 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."
Ryan C. McCarthy, Partner of Aurora Resurgence, said, "We would like to thank all of the parties and key constituents who helped us execute this complex transaction. International Cookware has a talented management team, deep customer relationships and is widely recognized as a global leader in multi-material cookware. We believe that together, we will be able to increase profitability and create meaningful growth through product innovation and market expansion to help the Company reach its true potential."
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