Electrolux to buy US-based precision cooker maker Anova Applied Electronics
06 February 2017
Swedish home appliance maker Electrolux today struck a deal to buy US-based precision cooker maker Anova Applied Electronics, Inc. for upto $250 million.
Under the terms of the deal, Electrolux will make an upfront payment of $115 million in cash and will pay an additional $135 million, subject to adjustments and the achievement of certain financial objectives.
Anova, based in San Francisco, will continue to operate with its own distinct brand identity.
Founded in 2013 by Stephen Svajian, Jeff Wu, and Natalie Dixon Vaughn, Anova manufactures and sells smart kitchen appliances.
Its flagship product, Anova Precision Cooker WI-FI, is a connected cooking device that enables cooking sous-vide meals with the touch of a button.
The Anova Precision Cooker connects to a user's smartphone and makes it easy to cook sous vide – a cooking technique that is well established in gourmet restaurants and growing among consumers.
Food is placed in a sealable bag and brought to a precisely controlled temperature in a water bath. The precision cooker is an immersion circulator, which heats and maintains the water at a precise temperature.
Anova sells its products online, directly to consumer and through major retailers.
''Anova's mission – to make it easy for consumers to cook like a pro – is so similar to our own focus on great tasting food that this was quite obviously a perfect match,'' said Ola Nilsson, head of Electrolux business area Home Care and Small Domestic Appliances.
''It's also a great strategic fit in terms of Anova's approach to online sales and digital marketing, and in how they leverage connectivity in the products,'' he added.
"Our vision has always been about building an Anova Kitchen–a kitchen where devices are accessible, affordable, and connected in a meaningful way to help people cook like pros, every day," said Stephen Svajian, CEO and co-founder of Anova.
"We're excited to join the Electrolux family and to continue this mission of building the smart kitchen of the future."