Target to Expand Cooking and Kitchenware Business With Two E-Commerce
CHEFS Catalog and Cooking.com businesses will be combined into new, wholly
MINNEAPOLIS -- March 14, 2013
Target Corp. (NYSE: TGT) today announced agreements to acquire CHEFS Catalog
and assets of Cooking.com in two separate transactions. The e-commerce
acquisitions are aimed at expanding Target’s presence in the growing cooking
and kitchenware market.
Following the closings, the two businesses will be combined to create a new,
wholly owned subsidiary of Target. Both brands will continue to operate under
their current names. Target believes these transactions present a strategic
growth opportunity; however, there will not be any meaningful financial impact
to Target’s 2013 results.
“We are excited to bring CHEFS and Cooking.com into the Target family,” said
Casey Carl, president of Multichannel and senior vice president, Enterprise
Strategy, Target. “We know consumers are increasingly looking online for
cooking solutions to make their lives easier – from utensils and cookware, to
recipes. These strategic transactions provide us a great way to address this
growing opportunity and will offer expanded online options for our guests.”
Tim Littleton, president and chief executive of CHEFS, will be president of
the wholly owned subsidiary and will report to Mr. Carl. Tracy Randall, chief
executive and co-founder of Cooking.com, will become a consultant to Target.
“We’re delighted to be a part of the Target organization,” said Mr. Littleton.
“CHEFS has grown and thrived online by offering a well-edited selection of
leading kitchen tools, gadgets and accessories. Combined with Cooking.com and
their strong Powered By partnerships, their vast array of recipes and
user-driven product ratings and reviews, we believe we’re well-positioned to
provide an even richer online experience for our collective customers.”
Both transactions are expected to close within 30 days. Financial terms are
not being disclosed.
Faegre Baker Daniels LLP is acting as legal advisor to Target. Janney
Montgomery Scott LLC is acting as financial advisor and Perkins Coie LLP as
legal advisor to Pikes Peak Direct Marketing Inc., d/b/a CHEFS Catalog.
Headwaters MB is acting as financial advisor and DLA Piper as legal counsel to
About CHEFS Catalog
CHEFS Catalog is a leading direct-to-consumer specialty retailer of top rated
cookware, bake ware, cutlery, kitchen tools and cooking utensils aimed at
inspiring home chefs to create delicious and new recipes. Founded in 1979 and
based in Colorado Springs, Colo., CHEFS operates www.chefscatalog.com, and
sells leading brands, including All-Clad, Cuisinart, Le Creuset, KitchenAid,
Scanpan, Wusthof and more. CHEFS is a portfolio company of JH Partners, a San
Francisco based consumer-focused private equity firm.
Cooking.com, a leading culinary e-commerce company, builds innovative,
entertaining shopping experiences with trusted brands. Through its Powered By
Cooking.com network, Cooking.com operates uniquely branded stores, including
the Food Network Store, Calphalon Store, and Rachael Ray Store. Cooking.com
offers over 30,000 products for the kitchen as well as recipes, cookbooks and
a growing library of member-submitted cooking content. The company was founded
in 1998 and is based in Marina Del Rey, Calif.
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,787 stores
– 1,784 in the United States and three in Canada – and at Target.com. Since
1946, Target has given 5 percent of its profit through community grants and
programs; today, that giving equals more than $4 million a week. For more
information about Target’s commitment to corporate responsibility, visit
Eric Hausman, Target Public Relations, 612-761-2054
John Hulbert, Investors, 612-761-6627
Target Media Hotline, 612-696-3400
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