Major cast iron maker acquires Portland startup
In the cast iron equivalent of an AB InBev snapping up a local Portland craft brewer, Lodge Manufacturing Company has acquired Portland's FINEX Cast Iron Cookware.
Founded in 2012 by Mike Whitehead and Ron Khormaei through two wildly successful Kickstarter campaigns, FINEX today makes cast iron skillets, grill pans, Dutch ovens and other cookware here in Portland. The company landed a $60,000 investment from the Oregon Entrepreneurs Network back in 2014.
Lodge is the largest cast iron cookware manufacturer in the county. It was founded in 1896 in South Pittsburg, Tenn., where it still has two large foundries.
Terms of the deal were not disclosed.
According to a release, the acquisition adds a "celebrated modern luxury brand" to Lodge's lineup. This is Lodge's first acquisition of an established cast iron company in its 123-year history.
The deal will also give FINEX more resources for research and design of new products as well as access to a much larger customer base.
FINEX will continue to operate out of Portland, with employees becoming part of the Lodge team. The FINEX brand will continue to stand on its own. FINEX's Portland operations are at 2236 N.W. 21st Ave.
Lodge President and CEO Mike Otterman said the balance of this year will be spent managing the transition of FINEX iron production from FINEX's current partners to Lodge's foundries in Tennessee. However, FINEX will maintain its manufacturing operations, including drilling, machining and assembly, here in Portland.
“This merging of like-minded American cast iron companies is an exciting opportunity for the future of USA-made cast iron cookware,” Otterman said. “Lodge values made-in-America manufacturing and wants to continue to be the leader in cast iron cookware. We feel this is a very good cultural fit for our business and view FINEX as a long-term asset for our company.”