Breville Buys Food Tech Start-Up ChefSteps
Small appliance manufacturer, Breville Group, has acquired US food tech start-up, ChefSteps, with its stable of app-connected cooking hardware integrated into the group’s business.
Breville CEO, Jim Clayton, asserts retailers will benefit from the deal, with the view of combining ChefSteps’ content and IP into the group’s consumer product portfolio.
ChefSteps expanded into smart kitchen appliances in 2015, with its ‘Joule’ product claimed to be the world’s smallest and most powerful sous vide immersion circulator controlled via smartphone app.
ASX-listed Breville Group states the acquisition is “not expected to have a material impact” on the group’s business.
Originally launched from a website, ChefSteps will continue to operate out of its Seattle office.
“ChefSteps has produced tremendous innovation in the content and connected hardware space, and we are excited at the scale we can achieve by combining their content and intellectual property with our current and future consumer products,” remarks Mr Clayton.
“We also look forward to engaging with, and serving, the very active and enthusiastic community ChefSteps has built around its product and content.”
ChefSteps CEO, Chris Young, asserts joining the Breville Group will open up “significant opportunities” for its “future potential on a global scale.”
Shares in Breville Group Limited are currently 0.44% down to $A18.09 – overall up ~70% this year.