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Instant Brands

Instant Pot Brands (formerly Double Insight Inc., Corelle Brands and Instant Brands) is a company selling a range of kitchen appliances. Founded in 2009 by Robert Wang, Yi Qin, and three Canadian partners,[1] it is the distributor and designer of Instant Pot and other products under the Instant Brands name.[2]

Headquartered in Downers Grove, Illinois, the firm and its affiliates design, manufacture and market small kitchen appliances worldwide. Previously, its subsidiaries were merged and consolidated under the name Instant Pot Brands.

The company's original and primary products are electronically controlled, combined pressure cookers and slow cookers. The original cookers are marketed as 6-in-1 or more appliances designed to consolidate the cooking and preparing of food to one device (multicooker). The brand has since expanded to include non-pressure slow cookers, sous-vide immersion circulators, blenders, air fryers, and rice cookers.

History

In 2008, Robert Wang, Yi Qin, and one other friend, all former employees of Nortel in Ottawa, Canada, started working on designs for the Instant Pot.[3] Wang is credited as the inventor of the Instant Pot.

Founded by Wang, Qin, and their friends in 2009 as Double Insight (DI),[1] the company became profitable three years later, with Instant Pot as its main product. In 2016, DI sold more than 215,000 Instant Pots on Amazon's Prime Day.[4][5]

After the firm reached a merger agreement with Corelle Brands on March 4, 2019, it was reported that Corelle's chief executive would hold the same title at the merged company, while Wang would be its "chief innovative officer".[6][7] Given this, it would be headquartered in Downers Grove, Illinois and owned by Cornell Capital.[8]

In June 2023, Instant Brands filed for Chapter 11 bankruptcy after high interest rates and waning access to credit hit its cash position and made its debts unsustainable.[9] It sold its appliance business ("Instant" branded products) to the private equity firm Centre Lane Partners (CLP) during bankruptcy.[10] The remaining housewares business exited bankruptcy separately on February 27, 2024 under the prior Corelle Brands moniker.[11]

In November 2023, Instant Pot Brands was established as a standalone company with a new capital structure under new ownership following its purchase by an affiliate of CLP.

In February 2024, the bankruptcy court approved the company's restructuring plan.[12] On April 1, 2024 the company announced it had changed its name and would be doing business as Instant Pot Brands along with the announcement of a new Chief Executive Officer, Chief Financial Officer, Chief Human Resources Officer, and Executive Vice President.[13]

Products and brands

Instant Pot

The Instant Pot is a Canadian brand of multicookers. The multicookers are electronically controlled, combined pressure cookers and slow cookers.[14]

Instant Pot Accu

The Instant Pot Accu is a brand of basic and affordable sous-vides sold under the Instant Pot brand.[15]

Instant Ace

The Instant Ace is a brand of blenders. Products include the Ace, the Ace Nova and the Ace Plus. The blenders feature a digital display that shows the operating temperature along with the remaining cooking time.[16]

Instant Omni

The Instant Omni and Instant Omni Plus are each a 26L toaster oven.[17]

Instant Vortex Oven

The Instant Vortex Oven is an alternative to deep frying, replacing the cooking oil with heated circulating air in an oven format.[18]

Instant Vortex Air Fryer

The Instant Vortex Air Fryer is an alternative to deep frying replacing the cooking oil with heated circulating air.[19]

References

  1. Jessica Murphy. How a cooker developed a cult following BBC News, 6 March 2017, retrieved 26 November 2017^
  2. Double Insight Inc. recalls Instant Pot Smart Pressure Cooker healthycanadians.gc.ca, retrieved 26 November 2017^
  3. Ottawa entrepreneur's Instant Pot has attracted a devoted following of home cooks retrieved 26 November 2017^
  4. Amazon — Press Room — Press Release phx.corporate-ir.net, retrieved 26 November 2017^
  5. Melissa Clark. Why Do Cooks Love the Instant Pot? I Bought One to Find Out The New York Times, 2017, retrieved 26 November 2017^
  6. Instant Pot maker announces merger with kitchenware giant Corelle Brands Ottawa Citizen, 4 March 2019, retrieved 5 March 2019^
  7. The company that makes Instant Pot is merging with American houseware firm behind Pyrex Financial Post, 4 March 2019, retrieved 4 March 2019^
  8. Corelle Brands Becomes Instant Brands with Increased Focus on Innovation and Consumer Engagement #MadeforTogether^
  9. Instant Pot and Pyrex Maker Instant Brands Files for Bankruptcy Yahoo Finance, June 12, 2023, retrieved June 12, 2023^
  10. Court approves sale of Instant Brands to private equity firm Centre Lane Partners^
  11. Instant Brands emerges from chapter 11 as Corelle Brands davispolk.com, 2024-03-01, retrieved 2024-03-21^
  12. Nate Delesline III. Bankruptcy court OKs Instant Brands restructuring plan Retail Dive, 23 February 2024, retrieved 6 August 2024^
  13. Chandler Harvey. Renamed Instant Pot Brands Introduces New Leadership HomePage News, 2024-04-03, retrieved 2024-05-13^
  14. About Instant Brands Inc., Instant Pot, Instant Brands Instant Pot, retrieved 2019-12-27^
  15. Joule vs Instant Pot Accu Slim: Which sous vide should you buy? iMore, 2019-09-12, retrieved 2019-12-27^
  16. Vicky Woollaston 2019-11-27T16:49:15Z. Instant Pot Ace Blender - should I buy one? TechRadar, 27 November 2019, retrieved 2019-12-27^
  17. Instant Omni Toaster Oven 26 L Instant Appliances, retrieved 2019-12-27^
  18. I Tried Instant Pot's New Air Fryer and It's a Total Game-Changer Kitchn, retrieved 2019-12-27^
  19. The Instant Vortex Air Fryer Is a Dinner MVP — and You Can Get It On Super Sale Right Now Cooking Light, retrieved 2019-12-27^