Investcorp, a global provider and manager of alternative investment products, announced today that it has acquired Sur La Table, a leading national kitchenware retailer with locations across the United States. The terms of the transaction were not disclosed. Sur La Table was acquired from the Behnke family and investment firm Freeman Spogli & Co. who will both remain as investors in the company.
With its headquarters in Seattle, WA, Sur La Table is a multi-channel retailer that sells through 86 stores in the United States, as well as through its catalog, website and gift registry. It offers a broad selection of kitchenware brands and products to assist in the preparation and presentation of cooking. In addition, the company offers the largest avocational culinary instruction program in the United States, teaching over 100,000 cooking enthusiasts a year how and what to cook.
“Sur La Table’s management team, led by CEO Jack Schwefel, has built a market leading, multi-channel retailer with a unique product offering and a high level of customer service,” said Kevin Nickelberry, a Managing Director at Investcorp. “We believe that Sur La Table is well positioned in its existing markets and has multiple opportunities for growth including new store expansion and e-commerce.”
Jack Schwefel, CEO of Sur La Table, said, “I am very excited about our new partnership and our future growth opportunities with Investcorp. Sur La Table is the leading destination for those with a passion for cooking and a love for food, and will maintain the values that reflect our character and commitment to our customers, our employees and the communities in which we live and work.”
Morgan Joseph TriArtisan Group Inc. acted as financial advisor to Investcorp. William Blair & Company acted as sellside advisor to the Behnke family and Freeman Spogli & Co.