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Instant Brands

Instant Pot Brands
FormerlyDouble Insight Inc.
Corelle Brands, Instant Brands
Company typePrivate
IndustryKitchen appliances
Founded2009
FounderRobert Wang and Yi Qin
Headquarters
Downers Grove, Illinois
,
US
Products
  • Instant Pot
  • Instant Pot Accu
  • Instant Vortex Air Fryer
  • Instant Vortex Oven
  • Instant Ace
  • Instant Omni
Brands
OwnerCentre Lane Partners
Number of employees
1800 (2024)[1]
Websitecorporate.instantbrands.com Edit this at Wikidata

Instant Brands Inc. (formerly Double Insight Inc. and Corelle Brands) is a company selling a range of kitchen appliances. The company was founded by Robert Wang, Yi Qin, and three other Canadian partners in 2009.[2] They are the distributor and designers of the Instant Pot and other products sold under the Instant Brands name.[3]

Its subsidiaries were merged and consolidated under the title "Instant Brands". The company is headquartered in Downers Grove, Illinois. Instant Brands and its affiliates design, manufacture and market small kitchen appliances worldwide.

The company's original and primary products are electronically controlled, combined pressure cookers and slow cookers. The original cookers are marketed as 6-in-1 or more appliances designed to consolidate the cooking and preparing of food to one device (multicooker). The brand has since expanded to include non-pressure slow cookers, sous-vide immersion circulators, blenders, air fryers, and rice cookers.

History

See also: Instant Pot § History

In 2008, Robert Wang, Yi Qin, and one other friend, all former employees of Nortel in Ottawa, Canada, started working on designs for the Instant Pot.[4] Wang is credited as the inventor of the Instant Pot.

The company was founded by Robert Wang, Yi Qin, and three other Canadian partners in 2009 as Double Insight.[2]

The company became profitable in 2012, with the Instant Pot as their main product. In 2016, Double Insight sold more than 215,000 Instant Pots on Amazon's Prime Day.[5][6]

On March 4, 2019, Instant Brands, maker of Instant Pot, announced it had entered into a merger agreement with Corelle Brands and Corelle's chief executive would become chief executive of the merged company while Instant Brands founder Robert Wang will become the merged company's "chief innovative officer".[7][8] With the merger, Instant Brands was to be owned by Cornell Capital LLC and to be headquartered in Downers Grove, Illinois.[9]

On June 12, 2023, Instant Brands filed for Chapter 11 bankruptcy after high interest rates and waning access to credit hit its cash position and made its debts unsustainable.[10] The company sold its appliance business ("Instant" branded products) to the private equity firm Centre Lane Partners during bankruptcy.[11] The remaining housewares business exited bankruptcy separately on February 27, 2024 under the prior Corelle Brands moniker.[12]

In November 2023 Instant Pot Brands was established as a standalone company with a new capital structure under new ownership following its purchase by an affiliate of Centre Lane Partners.[13][1]

In February 2024, the bankruptcy court approved the company's restructuring plan.[1] On April 1, 2024 the company announced it had changed its name and would be doing business as Instant Pot Brands along with the announcement of a new Chief Executive Officer, Chief Financial Officer, Chief Human Resources Officer, and Executive Vice President.[14]

Products and brands

Instant Pot

Main article: Instant Pot

The Instant Pot is a Canadian brand of multicookers. The multicookers are electronically controlled, combined pressure cookers and slow cookers.[15]

Instant Pot Accu

The Instant Pot Accu is a brand of basic and affordable sous-vides sold under the Instant Pot brand.[16]

Instant Ace

The Instant Ace is a brand of blenders. Products include the Ace, the Ace Nova and the Ace Plus. The blenders feature a digital display that shows the operating temperature along with the remaining cooking time.[17]

Instant Omni

The Instant Omni and Instant Omni Plus are each a 26L toaster oven.[18]

Instant Vortex Oven

The Instant Vortex Oven is an alternative to deep frying, replacing the cooking oil with heated circulating air in an oven format.[19]

Instant Vortex Air Fryer

The Instant Vortex Air Fryer is an alternative to deep frying replacing the cooking oil with heated circulating air.[20]

References

  1. ^ a b c Delesline III, Nate (23 February 2024). "Bankruptcy court OKs Instant Brands restructuring plan". Retail Dive. Retrieved 6 August 2024.
  2. ^ a b Murphy, Jessica (6 March 2017). "How a cooker developed a cult following". BBC News. Archived from the original on 23 November 2017. Retrieved 26 November 2017.
  3. ^ "Double Insight Inc. recalls Instant Pot Smart Pressure Cooker". healthycanadians.gc.ca. Archived from the original on 22 December 2017. Retrieved 26 November 2017.
  4. ^ "Ottawa entrepreneur's Instant Pot has attracted a devoted following of home cooks". Archived from the original on 25 November 2017. Retrieved 26 November 2017.
  5. ^ "Amazon — Press Room — Press Release". phx.corporate-ir.net. Archived from the original on 24 November 2017. Retrieved 26 November 2017.
  6. ^ Clark, Melissa (2017). "Why Do Cooks Love the Instant Pot? I Bought One to Find Out". The New York Times. ISSN 0362-4331. Archived from the original on 25 November 2017. Retrieved 26 November 2017.
  7. ^ "Instant Pot maker announces merger with kitchenware giant Corelle Brands". Ottawa Citizen. 4 March 2019. Archived from the original on 5 March 2019. Retrieved 5 March 2019.
  8. ^ "The company that makes Instant Pot is merging with American houseware firm behind Pyrex". Financial Post. 4 March 2019. Archived from the original on 6 March 2019. Retrieved 4 March 2019.
  9. ^ "Corelle Brands Becomes Instant Brands with Increased Focus on Innovation and Consumer Engagement #MadeforTogether" (Press release).
  10. ^ "Instant Pot and Pyrex Maker Instant Brands Files for Bankruptcy". Yahoo Finance. 12 June 2023. Retrieved 12 June 2023.
  11. ^ "Court approves sale of Instant Brands to private equity firm Centre Lane Partners".
  12. ^ "Instant Brands emerges from chapter 11 as Corelle Brands | Davis Polk". www.davispolk.com. 1 March 2024. Retrieved 21 March 2024.
  13. ^ LLC, Centre Lane Partners. "An affiliate of Centre Lane Partners Acquires the Appliances division of Instant Brands, maker of kitchen appliances consumer favorites including Instant Pot®". www.prnewswire.com. Retrieved 13 May 2024.
  14. ^ Harvey, Chandler (3 April 2024). "Renamed Instant Pot Brands Introduces New Leadership". HomePage News. Retrieved 13 May 2024.
  15. ^ "About Instant Brands Inc., Instant Pot, Instant Brands". Instant Pot. Archived from the original on 27 December 2019. Retrieved 27 December 2019.
  16. ^ "Joule vs Instant Pot Accu Slim: Which sous vide should you buy?". iMore. 12 September 2019. Retrieved 27 December 2019.
  17. ^ Woollaston 2019-11-27T16:49:15Z, Vicky (27 November 2019). "Instant Pot Ace Blender - should I buy one?". TechRadar. Retrieved 27 December 2019.{{cite web}}: CS1 maint: numeric names: authors list (link)
  18. ^ "Instant Omni Toaster Oven 26 L". Instant Appliances. Archived from the original on 27 December 2019. Retrieved 27 December 2019.
  19. ^ "I Tried Instant Pot's New Air Fryer and It's a Total Game-Changer". Kitchn. Retrieved 27 December 2019.
  20. ^ "The Instant Vortex Air Fryer Is a Dinner MVP—and You Can Get It On Super Sale Right Now". Cooking Light. Retrieved 27 December 2019.
Quelle: https://en.wikipedia.org/wiki/Instant_Brands