FOR IMMEDIATE RELEASE:
Spectrum® Diversified Designs and ICI USA (Tovolo®) Announce Merger
New Merger Combines Leading Housewares Brands
Streetsboro, OH and Seattle, WA – November 3, 2017:
Spectrum® Diversified Designs and ICI USA (Tovolo®) are pleased to announce the merger of their businesses to create a stronger united company that will deliver more value and creative product solutions for housewares retailers. These two brands have served the retail community for a combined 50 years and will continue to represent best in class service and product innovation in their respective categories.
ICI’s expertise in kitchen tools, gadgets and food prep, combined with Spectrum’s extensive knowledge of storage and organization items designed for all rooms of the home, will provide a one-stop solution for almost any retailer’s needs.
The merger brings together senior leadership from both companies. Sheldon Goodman will continue to serve as Chairman and CEO of the combined organization, with Matthew Frank continuing as President of Tovolo and Aaron Goodman continuing as President of Spectrum.
ICI Founder Matthew Frank is excited about this next chapter for Tovolo. “When we launched Tovolo in 2004, our goal was simple: to create housewares products that people would love to use. We are excited to be combining our business with Spectrum, which shares our passion for product innovation and creativity, and leveraging that passion to provide outstanding value for our customers.”
In a joint statement, Sheldon and Aaron Goodman noted, “ICI’s fantastic track record of developing premium kitchen products fits perfectly with our strategic growth plans. The Tovolo brand represents design, quality and value – three tenants upon which we have built the Spectrum business. We are thrilled to work in tandem with Matt and his team with the ultimate goal of driving more value for our retail partners.”
Facilitating the merger is Seidler Equity Partners, a private investment firm that partners with company founders and management teams to help them grow their businesses and achieve their strategic goals. Both the ICI and Spectrum teams view Seidler as the perfect business and capital partner. Seidler is excited to be supporting both companies’ shared vision for innovation and commitment to exceptional customer service.
ICI USA began business in 1999 and launched the Tovolo brand in 2004. Through innovation and creativity, ICI designs premium kitchen tools, gadgets and food prep items. Incredible dedication from ICI employees, outside partners and customers have resulted in exceptional growth over the past 13 years.
Spectrum Diversified Designs, founded in 1985, has committed itself to providing consumers with innovative storage and organization solutions while offering the best in service, quality and value. As one of the leading design and manufacturing firms in the housewares industry, Spectrum takes great pride in designing on-trend, functional items that exceed their customers’ needs.