Target Acquires Cooking.com, Chefs Catalog
Posted on March 14, 2013 by
MINNEAPOLIS-Target has reached agreements to acquire both Chefs Catalog and Cooking.com, two e-commerce transactions aimed at bolstering the retailer's presence in the cooking and kitchenware markets.
When the deals close, which is expected to take place in the next 30 days, the two businesses will be combined to create a wholly owned subsidiary of Target. Both businesses will operate under their current brand names.
Tim Littleton, president and chief executive of Chefs Catalog (which is currently owned by JH Partners), will be president of the new subsidiary, reporting to Casey Carl, Target's president of multichannel and senior vice president of enterprise strategy. Tracy Randall, chief executive and co-founder of Cooking.com, will become a consultant to Target.
Financial terms were not disclosed.
Carl said, "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 to our guests."