Kitchen sponge maker Scrub Daddy is considering selling, sources say
ExpandingAbigail Somerville
(Reuters) – Scrub Daddy, the kitchen sponge maker that rose to popularity after landing an investment on the U.S. TV show “Shark Tank,” is considering options including selling the company, people familiar with the matter said. revealed.
Scrub Daddy, backed by entrepreneur Laurie Greiner, has hired JPMorgan Chase to advise investors, including founder and CEO Aaron Kraus, on whether and how to cash out. Officials said that the company had hired
The Pennsauken, N.J.-based company generated more than $220 million in revenue last year and could be worth hundreds of millions of dollars through a potential sale of the entire company or a stock sale, the sources said. said the person.
It's not certain whether Scrub Daddy will agree to any deal, the people added, requesting anonymity due to confidential discussions. Mr. Kraus did not comment on the sale process when contacted by email, while a JPMorgan spokesperson declined to comment.
Mr. Krauss founded Scrub Daddy in 2012 as a line of patented texture-changing sponges. Later that year, he pitched his company on “Shark Tank” and received Greiner's $200,000 investment for his 20% of his company. After this episode and Mr. Greiner's appearance on his network QVC, the company's sales skyrocketed.
Scrub Daddy currently sells approximately 160 products and last year announced a partnership with Unilever to develop co-branded products and grow internationally.
The company sells its products through its website, Amazon.com, and retail stores such as Target and Walmart.
(Reporting by Abigail Somerville in New York; Editing by Nick Zieminski)
