Secondary Buyout • Consumer Products

Cornell Capital Acquires Corelle Brands

On April 3, 2017, private equity firm Cornell Capital acquired consumer products company Corelle Brands from GP Investments

Acquisition Context
  • This is Cornell Capital’s 1st transaction in the Consumer Products sector.
  • This is Cornell Capital’s 3rd transaction in the United States.
  • This is Cornell Capital’s 1st transaction in Illinois.
Investment Fate
  • Corelle Brands merged with another company in 2019.

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M&A Deal Summary

Date April 3, 2017
Target Corelle Brands
Sector Consumer Products
Buyer(s) Cornell Capital
Sellers(s) GP Investments
Deal Type Secondary Buyout

Target Company

Corelle Brands

Rosemont, Illinois, United States
Corelle Brands LLC is a manufacturer and marketer of bakeware, dinnerware, kitchen and household tools, rangetop cookware and cutlery products. Corelle Brands LLC and its affiliates manufacture and market products worldwide through a portfolio of well-recognized and respected brands, including under the Pyrex®, Corelle®, Corningware®, Snapware®, Chicago Cutlery®, Revere®, Visions®, Ekco® and Baker's Secret® trademarks. Corelle Brands LLC and its affiliates employ approximately 3,000 people, and have major manufacturing and distribution operations in North America and Asia-Pacific regions. Corelle Brands LLC was incorporated in 1991 and is based in Rosemont, Illinois.
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Buyer Overview 1

Buyer

Cornell Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2013
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cornell Capital is a private investment firm that seeks to partner with strong management teams to build businesses. Cornell Capital does not have any sector preferences and focuses on opportunities across the US. Cornell Capital was formed in 2013 and is based in New York City.


Deal Context for Buyer #
Overall 3 of 17
Sector: Consumer Products 1 of 3
Type: Secondary Buyout 1 of 6
State: Illinois 1 of 2
Country: United States 3 of 14
Year: 2017 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-10 MRC Global

Houston, Texas, United States

MRC Global is a distributor of pipe, valve, and fitting products and services to the energy and industrial markets. MRC Global was founded in 1921 and is based in Houston, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-31 Talcott Resolution

Windsor, Connecticut, United States

Talcott Resolution is an insurance company with capabilities including extensive life insurance and annuity product knowledge and rigorous risk and liability management. Talcott's primary blocks of business are variable annuities, fixed annuities, structured settlements, and corporate-owned life insurance. Talcott Resolution is based in Windsor, Connecticut.

Buy -

Seller Profile 1

SELLER

GP Investments

Sao Paulo, Brazil

Category Private Equity Firm
Founded 1993
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

GP Investments is a publicly-traded private equity group that targets opportunities in Latin/South America. GP targets mature businesses in traditional industries with revenues greater than $60 million (US). Prospective transaction situations include consolidations, non-core divestitures, acquisitions of family-owned businesses, recapitalizations, and restructurings. The Firm prefers control positions when pursuing transactions. GP will not invest in start-ups and avoids tech-related or biotech companies. GP was formed in 1993 and has offices in Bermuda and Sao Paulo, Brazil.


Deal Context for Seller #
Overall 10 of 12
Sector: Consumer Products 2 of 2
Type: Secondary Buyout 1 of 1
State: Illinois 1 of 1
Country: United States 2 of 2
Year: 2017 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-27 Magnesita

Sao Paulo, Brazil

Magnesita is a producer of refractory material in Latin America and supplying products and services to the steelmaking, cement and glass industries on a global basis. Magnesita is based in Sao Paulo, Brazil.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-16 Rimini Street

Las Vegas, Nevada, United States

Rimini Street is a third-party provider of enterprise software support services, including products licensed by Oracle, SAP, IBM, and Microsoft among others, saving the customer at least 50% on total support costs. Rimini Street was founded in 2005 and is based in Las Vegas, Nevada.

Buy -