(By Balachander) Target Corp. (NYSE: TGT) announced two e-commerce acquisitions as part of a move to expand its presence in the growing cooking and kitchenware market.
The Minneapolis-based discount chain has agreed to acquire CHEFS Catalog and assets of Cooking.com in two separate deals.
Financial terms of the transactions were not disclosed.
"We know consumers are increasingly looking online for cooking solutions to make their lives easier – from utensils and cookware, to recipes. ," the company said. "These strategic transactions provide us a great way to address this growing opportunity and will offer expanded online options for our guests."
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Colorado Springs-based CHEFS Catalog is a direct-to-consumer specialty retailer of cookware, bake ware, cutlery, kitchen tools and cooking utensils. CHEFS is a portfolio company of JH Partners, a San Francisco based consumer-focused private equity firm. JH Partners acquired CHEFS Catalog from the Neiman Marcus Group Inc. in 2004.
Marina Del Rey, California-based Cooking.com offers over 30,000 products for the kitchen as well as recipes, cookbooks and a library of member-submitted cooking content.
There will not be any meaningful financial impact to Target's 2013 results following the deal, the company said.
Both the deals are expected to be completed within 30 days.
The stock, which has been trading in the 52-week range of $54.68 to $67.56, traded 0.19 percent lower at $67.30 on Thursday.