INSUBCONTINENT EXCLUSIVE:
Brava had a lot of things working in its favor, as startups go
It was founded in 2015 by serial executive John Pleasants, whose past stints have included being co-president of Disney Interactive Media
Group, COO of Electronic Arts and CEO of Ticketmaster.His plans to create a suite of snazzy direct-to-consumer smart hardware and software
products, beginning with the Brava oven, also attracted tens of millions of dollars from an impressive lineup of backers, including True
Ventures, TPG Growth and Lightspeed Venture Partners, among others
Indeed, though some sophisticated kitchen devices have come and gone (Juicero), some liked what Pleasants and his growing team in Redwood
City, Calif., were trying to cook up
One of these admirers, apparently, was the Middleby Corporation, a publicly traded commercial and residential cooking and industrial process
equipment company in Illinois that just acquired Brava — though neither Brava nor Middleby is disclosing terms of the deal.We were in
touch via email yesterday with both Pleasants and the CEO of Middleby, Tim FitzGerald, to learn what they can share about the tie-up, as
well as to ask what happens to Brava and its tens of employees now.TC: This was a young company
Why turn around and sell it?JP: The company itself is four years old and we’ve had product available in market for one year
We’ve been venture funded to date and had the option to continue raising growth capital or merge with Middleby Corporation
Brava’s mission has always been to enable everyone to cook delicious, healthy home-cooked food with minimal time and effort, and we
believe the fastest way to achieve this bold goal is through a strategic partnership with someone who can help make that happen.TC: How did
Brava and Middleby come together? Who brokered the first conversation? Was Brava talking with anyone else?JP: We’ve been in talks with
many people about financing, and a select group of strategics about a deeper partnership to achieve our objective
We had the assistance of City Capital in the process, and they made the introduction to Middleby in Chicago.TC: How much is Middleby paying
for the company? Also, is this an all-cash deal?JP: While not disclosing the total amount, the consideration includes a mix of cash and
stock.TC: So what’s next? Will Middleby retain the Brava name or will this be phased out over time?JP: Brava as it’s known today will
not only continue but see accelerated growth and expansion
We will continue to sell the product and support our customers under the Brava brand while further innovating new products and services for
our customers.TF: The Brava name will remain
The product and technology will enhance our existing residential and commercial kitchen appliance portfolio
In Middleby Residential, we manufacture and sell Viking Range and other well-known consumer brands.TC: How many people does Brava
currently employ and how many if any are going to Middleby?JP: Brava employs 38 people and all will be going to Middleby
I will remain as the CEO of Brava and will also work with other Middleby divisional leaders to leverage Brava’s light-cooking platform and
services for their existing brands
We’re excited by this because we currently have many ideas and plans for leveraging the Brava technology across new form factors, business
segments (residential and commercial) and geographies
This all becomes more feasible with Middleby.TC: We last talked before the Brava oven was out in the world
How many units did you wind up selling? JP: We’re closing in on 5,000 customers and expect to have a big holiday.TC: What were some of
the lessons learned with this experience?JP: People love it
You can see this every day throughout our online communities
It’s not just about the quality of food and the ease in creating it
we hear comments all the time about how spouses who hardly ever cooked now do, how kids who never liked vegetables now ask for more
.In terms of what people want that doesn’t currently exist, [I’d say] more recipes and programs (we have thousands, but there are so
many more we can do) and more flexibility; we can uniquely cook multiple ingredients simultaneously to perfection with our light-cooking
technology and this enables lots of fun combinations [but] our customers would like even more flexibility in mixing and matching
ingredients.TC: Any business lessons?JP: In terms of business lessons, it’s challenging to explain Brava’s full value proposition in a
We have revolutionary technology that enables a new way of cooking that’s better, easier, faster — and that sounds almost too good to be
true.TC: Do you think the market for smart cooking appliances is big enough at this point? What do you think are the remaining hurdles and
how do consumers get past them?JP: The “smart cooking appliance” market is in its infancy
There are still very few pioneers in the space and household penetration is negligible
But this is all about to change
Once people know someone who can personally attest to the benefits, I fundamentally believe the adoption curve will bend exponentially
