Marquee Brands has beefed up its home goods portfolio with the purchase of Sur La Table.
The brand management firm teamed with CSC Generation, a tech firm, on an $88.9 million bid to purchase the kitchenware retailer out of bankruptcy. Their bid was higher than a stalking horse bid submitted by Fortress Investment Group at the filing last month and was ultimately approved by the court.
Sur La Table will be added to Marquee’s Home and Culinary portfolio that includes Martha Stewart and Emeril Lagasse, two brands it purchased from Sequential Brands last year for $175 million.
“Sur La Table is a beloved brand which stands for quality. It complements our strong Home and Culinary portfolio,” said Carolyn D’Angelo, president of the Home division at Marquee. “Its storied legacy along with its multichannel platform featuring experiential brick-and-mortar stores, a thriving e-commerce business, and unparalleled education offerings presented an incredibly compelling opportunity. We believe a revitalized Sur La Table will thrive in a post-COVID-19 retail environment.”
This marks the 12th brand in Marquee’s portfolio and is expected to boost the company’s annual retail sales to $3 billion. Marquee Brands is owned by investor funds managed by Neuberger Berman. It also owns BCBG Max Azria, BCBG Generation, Ben Sherman, Body Glove, Bruno Magli, among others.
“We are selective and careful to only add brands to our portfolio that serve a real purpose, bring joy into the lives of our customers, and help them celebrate life’s special moments,” said Michael DeVirgilio, president of Marquee. “In partnering with industry leaders like CSC Generation, Sur La Table will offer customers a seamless omnichannel shopping experience guided by knowledgeable staff, technology, and one-of-a-kind offerings. We’ve strived to lead the charge in developing innovative, intuitive customer-centered shopping experiences to further engage and inspire. With this acquisition, and CSC as a partner, we continue our journey in pushing the boundaries of retail.”
Sur La Table was founded in 1972 and sells culinary products and tools to professional and home chefs. It operated around 120 stores when it entered bankruptcy as well non-degree cooking schools. Marquee is expected to retain around 50 stores.
CSC Generation was founded in 2016 as a joint venture between Justin Yoshimura, Altos Ventures and Panasonic. It purchased the intellectual property of Bon-Ton Stores last year.
“Sur La Table is a rare gem in its class and one we have been watching for some time. It’s an honor to be part of its future and we couldn’t be more excited about working with Marquee Brands as a true leader in brand-building and growth,” Yoshimura said.