US household appliances maker SharkNinja explores sale
18 April 2017
SharkNinja Operating LLC is exploring a sale in a deal that will value the US manufacturer of cleaning solutions and small household appliances at more than $1.5 billion including debt, Reuters yesterday reported, citing people familiar with the matter.
SharkNinja has hired investment bank Goldman Sachs Group to run an auction, and private equity firms are among those who have shown an interest in SharkNinja, the report said.
Reacting to Reuter's report, the New York-based company said in a statement, "SharkNinja is not up for sale, but given the enormous success they have in the housewares industry, they are looking for a strategic partner that can bring their expertise, know-how as well as investment to help with the company's global expansion.''
Mark Rosenzweig and Mark Barrocas, who own majority of the company, have no intention to leave the company," the statement added.
SharkNinja, earlier known as Euro-Pro Operating LLC, was founded in Montreal in 1995 by Rosenzweig.
Mark Rosen, CEO of SharkNinja, is the third generation of his family to lead the company
The privately-held company provides cleaning solutions and small household appliances.
It offers steam mops and hard floor cleaning systems, drip coffee machines, vacuum cleaners, one-pot cookers, blender systems, chopping vegetables garment care products.
The company sells its products through major big-box retailers and specialty stores, as well as through its websites, and has annual revenues of more than $1.6 billion.