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4 NEWSLINE

Electrolux buys Anova
Precision Cookers

     Electrolux today                       for its innovative product, which was       We have a lot to learn from each other,
announced it has agreed                     rated best cooking gadget of 2016 by        and look forward to helping Anova take
to acquire Anova, the U.S.                  reviewed.com.                               the next steps on their global growth
                                                                                        journey while maintaining an agile and
  based provider of the                       Net sales in 2016 amounted to around      innovative culture.”
 Anova Precision Cooker,                    USD 40 million. The up-front cash con-
an innovative connected                     sideration in the transaction is USD 115      The Anova Precision Cooker connects
                                            million, with an additional amount of up    to a user’s smartphone and offers thou-
   device for sous vide                     to USD 135 million, depending on future     sands of recipes to make it easy to cook
  cooking that enables                      financial performance. The company has      sous vide – a cooking technique that is
    restaurant-quality                      approximately 70 employees and con-         well established in gourmet restaurants
   results in the home.                     tractors globally and is headquartered      and growing among consumers. Food
                                            in San Francisco, California. Sales are     is placed in a sealable bag and brought
  The acquisition provides a significant    primarily carried out online – directly to  to a precisely controlled temperature in
opportunity for profitable growth in this   consumer and through major retailers.       a water bath. The precision cooker is an
emerging product category. Anova’s                                                      immersion circulator, which heats and
direct-to-consumer business model and         “Anova’s mission – to make it easy        maintains the water at a precise tem-
digital focus are also of strong strategic  for consumers to cook like a pro – is       perature, ensuring great results.
interest to Electrolux.                     so similar to our own focus on great
                                            tasting food that this was quite obvi-        “This acquisition offers a valuable
  Anova was founded in 2013 and is          ously a perfect match,” said Ola Nilsson,   stepping stone in our journey to deliver
growing rapidly amid popular acclaim        Head of Electrolux business area Home       best in class consumer experiences
                                            Care and Small Domestic Appliances.         through smart, connected appliances.
                                            “It’s also a great strategic fit in terms   Additionally, Anova’s passionate com-
                                            of Anova’s approach to online sales         munity of food lovers is a great example
                                            and digital marketing, and in how they      of the kind of relationship we are build-
                                            leverage connectivity in the products.      ing with people around the world,” said

Steinhoff & Shoprite call it a day

Shareholders of Steinhoff and               well the possible exchange by the PIC       management teams of Steinhoff and
Shoprite are referred to the joint an-      and Titan of their Shoprite shares for      Shoprite, and although the proposed
nouncement of the Companies on 14           Steinhoff shares at an “to be agreed”       transaction presents exciting oppor-
December 2016 (“the Cautionary An-          ratio.                                      tunities for the companies and their
nouncement”), regarding the negotia-        Shareholders of the companies are           respective management teams, the
tions between them, initiated by the        hereby informed that the companies          fact that the relevant parties could
Public Investment Corporation SOC           have decided to terminate their nego-       not reach an agreement in respect of
Ltd. (“PIC”) and Titan Premier Invest-      tiations related to the proposed trans-     the Share Exchange resulted in the
ments                                       action as the PIC, Titan and Steinhoff      negotiations being terminated.
(Pty) Ltd. (“Titan”) as the largest         could not reach agreement on the            Accordingly, shareholders of Steinhoff
shareholders of the ompanies.               exchange ratio that would apply to the      and Shoprite are advised that caution
The Cautionary Announcement dealt           Share Exchange.                             is no longer required to be exercised
with the potential sale of Steinhoff’s      The proposed transaction was investi-       by shareholders when dealing in their
Africa retail assets to Shoprite, as        gated and analysed by the respective        Steinhoff and/or Shoprite securities.

HOME GOODS RETAILER | FEBRUARY - MARCH 2017
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