Measurement device maker Taylor Precision Products Inc. has purchased Metrokane Inc., a distributor of brand-name barware, including the Rabbit and Houdini corkscrews.
Terms of the deal were not disclosed.
"We’re already a player in the kitchen space and this is an adjacency that makes sense," Taylor Precision executive chairman Rob Kay tells Mergers & Acquisitions, regarding the Metrokane deal. "They’re the guys that pioneered the space."
The Rabbit wine bottle opener, for example, is known for pulling out a cork in seconds and then automatically releasing it.
Taylor Precision, based in Oak Brook, Ill., is a distributor of household thermometers, scales and other measurement products, including the scales used on television show "The Biggest Loser."
The Reno, Nev.-based target marks the second acquisition for Taylor Precision since it was taken over by Centre Partners Management LLC in June 2012. The company picked up HealthTools LLC, a manufacturer and distributor of healthcare education products in North America, in early 2013.
The company plans to continue identifying acquisition candidates in 2014, Kay adds, citing M&A as one of the company's main strategies for growth.
Both deals are slated to increase Taylor Precision’s revenues by over 50 percent. Taylor Precision was originally owned by Homedics Inc. before it was sold to Centre Partners.