Anova Applied Electronics, Inc. announced its entering into an agreement to be acquired by global appliance company Electrolux (ELUX-B) for $115 million in cash up front and an additional $135 million, subject to adjustments and the achievement of certain financial objectives.
“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,” explained Anova CEO and Cofounder Stephen Svajian. “We’re excited to join the Electrolux family and to continue this mission of building the smart kitchen of the future.”
Electrolux aims for Anova to retain its unique culture. Anova will continue to operate under Svajian’s leadership and with its own distinct brand identity. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in the US.
Crowdfund Insiders may remember Anova Precision Cooker’s successful crowdfunding campaign on Kickstarter during May 2014 which raised $1,811,321 from 10,508 backers. The device was used for cooking “sous vide” and allows anyone to produce high-end restaurant quality results with worry-free technology makes it easy to make delicious meals without overcooking.
In 2013, co-founders of Anova Culinary LLC Natalie Vaughn and Jeff Wu teamed up to bring their Anova 1 to the market for only $199, touting the device as an “affordable immersion circulator for the home chef.” The company tweaked its first device and introduced the Anova Precision Cooker to become more flexible, connecting it to iPhones and Android devices as well as enabling Bluetooth. The Anova Precision Cooker was priced at $149 on Kickstarter.
Electrolux also owns AEG, Zanussi, Frigidaire and Electrolux Grand Cuisine, the Group sells more than 60 million products to customers in more than 150 markets every year. In 2015 Electrolux had sales of SEK 124 billion and 58,000 employees, according to the release.
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