Kartesia's International Cookware bolts on Duralex

Duralex has been in receivership since 23 September 2020 at the commercial court of Orleans.

Following this transaction, International Cookware and Duralex will remain independent companies pursuing their development within their respective frameworks.

International Cookware plans to invest around €17m by 2024 to innovate Duralex's business, ensure compliance with standards and improve productivity. With this budget, the new owner intends to increase Duralex's production capacity and allow a return to profitability, resume recruitment at the site and improve the service offered, with the target of doubling the turnover of the company by 2024.

Kartesia bought International Cookware from US-based private equity firm Aurora Resurgence in April 2020. The GP provided the entire unitranche financing, as well as the majority of the equity, becoming the new majority shareholder of the group. The sale ended a six-year holding period for Aurora, which had acquired a majority stake in International Cookware from Arc International Group.

International Cookware designs, manufactures and distributes cookware equipment made of borosilicate glass. Its products are primarily sold under the Pyrex brand, which is commercialised across the EMEA region under an exclusive licensing agreement granted by Corning. The group has also developed its own cookware brand, Ôcuisine, which has a large range of products distributed in 146 countries worldwide.

The company employs 500 staff and generates an EBITDA margin of around 13% from annual revenues of €107m.

Company
Established in 1945 and based in Chapelle-Saint-Mesmin, Duralex manufactures highly tempered soda-lime glass for tableware and cookware.

The company's range of 350 product references and six different colours is sold in 100 countries across Europe, Asia and the Middle East.

Employing 250 staff, Duralex generated turnover of €21m in 2020, of which 80% came from outside France.

People
Kartesia – Damien Scaillierez (managing partner).
International Cookware – Jose-Luis Llacuna (CEO).

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