Discount retailer Target Corp. said Thursday that it has agreed to buy CHEFS Catalog and assets of Cooking.com in two separate deals to expand its presence in the growing cooking and kitchenware market.
Financial terms of both the deals, which are expected to close within 30 days, were not disclosed.
CHEFS Catalog, currently a portfolio company of private equity firm JH Partners, LLC, is a direct-to-consumer specialty retailer of top rated cookware, bake ware, cutlery, kitchen tools and cooking utensils aimed at home chefs to create delicious and new recipes. Cooking.com is a culinary e-commerce company, which offers over 30,000 products for the kitchen as well as recipes, cookbooks and a growing library of member-submitted cooking content.
Following the closings, the two businesses will be combined to create a new, wholly owned subsidiary of Target. Both brands will continue to operate under their current names.
Target believes the deal will not have any meaningful financial impact on its 2013 results.