France-based Groupe SEB has entered into an agreement to acquire a majority stake in StoreBound, the parent company of Dash. The New York City-based Dash was founded in 2010 by its CEO, Evan Dash and his wife, Rachel, and has focused its product assortment mainly on countertop kitchen electrics.
The transaction, a dollar figure of which was not disclosed, is expected to be completed by July 31.
“With the investment in StoreBound, we will strengthen our presence in the American housewares market,” said Thierry de La Tour d’Artaise, CEO of Groupe SEB. “With its strong and innovative business model and brands, StoreBound is very complementary to our consumer business in the U.S.”
SEB currently has more than 30 kitchenware and home brands under its umbrella. Most notable are All-Clad in cookware. T-Fal in cookware, Krups in countertop appliances, IMUSA in ethnic cooking and Rowenta in garment care.
The addition of Dash gives Groupe SEB a brand and product assortment that skews younger and positions its products as tools to prepare healthy meals. The company in recent years has allocated resources to directly reach consumers through its blog and social media in an effort to share healthy recipes.
“After our careers in retail, my wife, Rachel and I started StoreBound to inspire people to enjoy healthy home-cooked meals shared around the table with loved ones,” Dash said. “In less than 10 years, StoreBound has emerged as the market leader for health-conscious consumers in the U.S.”