(Bloomberg) -- Fox Corp. and celebrity chef Gordon Ramsay agreed to invest $100 million in HexClad, the maker and marketer of nonstick cookware, in an expansion of their food-based entertainment partnership.
The minority investment will be made by Studio Ramsay Global, a joint venture between broadcaster Fox and Ramsay that produces food-oriented TV shows, the companies said Tuesday. The deal includes both cash and media commitments, they said.
The celebrity chef has become a cornerstone of Fox food-oriented programming that includes Next Level Chef, Kitchen Nightmares and Gordon Ramsay’s Food Stars. They formed Studio Ramsay Global three years ago and recently launched Bite, a food and entertainment oriented multimedia brand.
The agreement with HexClad marks the first investment in a consumer product by the partnership, though Ramsay personally acquired a stake in HexClad in 2021. The Michelin-starred chef has acted as a “brand ambassador” for the line of pots and pans, which marry the durability of stainless steel with a nonstick surface that makes them easier to clean. He’s used the cookware on his TV shows and in his restaurants.
Los Angeles-based HexClad was founded in 2016 was forecast to generate $350 million in revenue in 2023, co-founder Daniel Winer told the Modern Retail podcast last year. Sales soared during the pandemic after HexClad sent pans to celebrities who posted their use on social media. The closely held business has a valuation greater than $1 billion.
JPMorgan Chase & Co. acted as placement agent in the Fox transaction.
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