Dive Brief:
- DTC cookware brand Great Jones has been acquired by conglomerate Meyer Corporation for an undisclosed amount, according to a Monday press release.
- Sierra Tishgart, Great Jones co-founder and chief executive officer, will remain CEO of the brand while also becoming Meyer's executive creative director. Great Jones will remain headquartered in New York City.
- Meyer — which is the maker of brands like KitchenAid, Farberware and Rachael Ray — served as a supplier and minority investor in Great Jones’ previous fundraising, according to the announcement.
Dive Insight:
Great Jones has rapidly grown since being founded in 2018.
The DTC brand — which became known for its colorful cookware, including its Dutch oven, sheet pans and baking dishes — has expanded its distribution over the years to be sold in retailers like Nordstrom, Saks Fifth Avenue and, more recently, Sur La Table.
The acquisition will fuel product expansion and international retail development by leveraging Meyer’s operational support, the company said. Great Jones’ team will remain following the acquisition.
"I am ecstatic about the opportunities their support will unlock for Great Jones,” Tishgart said in a statement. “We've operated as a small team of less than 10 throughout the company's four-year history, and this collaboration will strengthen our technical capabilities and secure our reach for many, many years to come.”
The deal comes at a time when funding, particularly venture capital, is harder to come by. According to CB Insights’ 2022 State of Venture report, total global funding for the year was down 35% against 2021, while U.S. funding was down 37%. Total deal volume globally fell by 4%, according to the data.
Still, some brands are finding opportunities through acquisition, which has historically been the most popular exit path among DTCs. This year, Mielle Organics was acquired by Procter & Gamble, Aesop was bought by L’Oréal Group and Richer Poorer was acquired by Francesca’s.
