In November, leading houseware brands Spectrum Diversified Designs and ICI USA (Tovolo) merged their businesses in an effort to create a company that will deliver more value and creative product solutions for housewares retailers, the companies say.
ICI’s knowledge of kitchen tools, gadgets and food prep, combined with Spectrum’s knowledge of storage and organization items designed for all rooms of the home, will provide a one-stop solution for retailers.
Sheldon Goodman will continue to serve as chairman and CEO of the combined organization, with Matthew Frank continuing as president of Tovolo and Aaron Goodman continuing as president of Spectrum.
“When we launched Tovolo in 2004, our goal was simple: to create housewares products that people would love to use,” said ICI founder Matthew Frank. “We are excited to be combining our business with Spectrum, which shares our passion for product innovation and creativity, and leveraging that passion to provide outstanding value for our customers.”
In a joint statement, Sheldon and Aaron Goodman noted, “ICI’s fantastic track record of developing premium kitchen products fits perfectly with our strategic growth plans. The Tovolo brand represents design, quality and value—three tenants upon which we have built the Spectrum business. We are thrilled to work in tandem with Matt and his team with the ultimate goal of driving more value for our retail partners.”