Hampton Creek, the maker of the popular Hampton Creek KitchenAid, has announced a $5 billion buyout to help it cut costs as it tries to turn around the kitchen appliance industry.
The company is now looking for buyers for the $1.4 billion stake it held in the company.
The buyout comes as the company continues to cut costs amid a series of consumer backlash against the appliances.
The kitchen sink has become an increasingly popular option for consumers after a series from brands including Martha Stewart and Häagen-Dazs, which are now available at less expensive prices, have helped drive demand for sinks.
The KitchenAid line, which also includes the popular Chef’s KitchenAid and the new KitchenAid Max, has become the fastest-growing category of consumer appliances.
Its popularity has led to a number of lawsuits over the last decade.
The $5bn buyout could be one of the largest buyouts in the history of the food and beverage industry, with a buyout expected to give the company a cash infusion of up to $7.6 billion.
That would be a significant boost to the company, which is looking for additional cash to help pay for the acquisition.
The sale is expected to close by the end of the year.
Shares in Hampton Creek rose 3% to $39.77 on Friday.