Bell Lap Advisors-led Finex Acquired By Lodge Cast Iron 

Date

August 2019

Client

FINEX Cast Iron

Service

Sell-Side M&A Advisory

Buyer

Lodge Cast Iron

Active Lifestyle, Outdoor Recreation, Consumer Brands

Finex, a Portland, Oregon-based cast iron cookware manufacturer, was acquired by Lodge Cast Iron. Financial terms were not disclosed.

Finex was founded in 2012 and manufactures cast iron skillets, grill pans and griddles, and dutch ovens in the United States. Finex will continue as a separate brand, maintaining operations and some production in Portland. The bulk of its manufacturing will be relocated to Lodge’s facility in Tennessee.

In speaking of the transaction, Finex co-founder Ron Khormaei stated, “Lodge has built the great tradition of American cast iron cookware and kept it alive—in our hearts and in our kitchens—when no one else could. We wouldn’t be here without Lodge’s great heritage and we’re incredibly excited to expand cast iron cooking to new fans, new regions and new generations together.”

Lodge Cast Iron has been in business for more than 100 years, and is based in Tennessee. This is the first acquisition made by the industry stalwart. Finex brings a higher-end product line for Lodge. Mike Otterman, Lodge’s President and CEO said of Lodge’s acquisition, “We were not pursuing acquisitions but have been familiar with the Finex brand for years and the timing worked out perfectly as they were looking for a partner to invest in their continued growth.” Otterman added that Finex appealed to Lodge for several reasons, including allowing it “entry into the luxury cast iron cookware segment . . . Lodge is able to provide expanded sales and marketing support to the business both domestically and internationally . . . Combine these elements with a shared culture and passion around great American manufacturing and a love for cast iron and we had a fantastic match.”

Bell Lap Advisors is a leading M&A advisory firm focused exclusively on outdoor recreation and active lifestyle industries and is the most active M&A advisor for these industries in North America.

If you have questions about how an M&A transaction could benefit your business, please reach out to us today for free, no-obligation information.