Key takeaways

  • HexClad brought a new style of cookware to a crowded market with aggressive growth goals. The company needed strategic guidance to scale rapidly and prepare to seek investment.
  • J.P. Morgan helped HexClad craft one-, three- and five-year strategic plans and secure a $100 million investment that deepened its relationship with a key investor.
  • The firm’s guidance and investment helped HexClad accelerate growth and continue innovating across its product line.   

Danny Winer co-founded HexClad to bring innovation to an item found in every kitchen: the frying pan. Today, HexClad is known for “hybrid cookware” that combines the durability and even heating of stainless steel with the convenience of nonstick. Backed by celebrity chef Gordon Ramsay, the company has expanded its product line to include everything from sauté pans and steak knives to pizza steels and pepper mills.

HexClad’s growth demonstrates what’s possible when a differentiated product strategy connects with strategic guidance and capital during a period of transformative growth.  

About HexClad: Cooking up innovation

Cookware has long required tradeoffs. Nonstick pans’ delicate coatings promised effortless cleanup but were easily damaged. Cast iron and stainless steel were hardy enough to deliver a perfect sear and hold up to metal utensils—but often needed serious scrubbing.

When HexClad launched in 2016, investors were skeptical the crowded cookware market had room for a new player. But the products caught on, thanks to the HexClad’s approach combining the benefits of stainless steel and nonstick in a single pan—and its focus on building relationships with customers.

HexClad used a direct-to-consumer approach, marketing its products through social media. Fans even formed their own online communities, sharing cooking tips and recipe ideas.

“When people feel like they belong to something, they’re more likely to continue their cooking journey as we release new products, as we release new styles of content. They want to digest all of it,” said Winer, HexClad’s CEO.

That approach prepared HexClad for the disruption of the COVID-19 pandemic. Unlike brands that had to pivot from retail stores to at-home customers, HexClad was already connecting with customers online. 

“I think that was the inflection point—proof that we were on the right path and if we doubled down on that, this could be bigger than we imagined,” Winer said.  

Learn more about how we help mid-cap companies like HexClad achieve their growth and investment goals. 

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How J.P. Morgan supported HexClad’s expansion

The decisions a company makes during periods of rapid expansion have an outsized impact on its trajectory. Having a banking team with experience helping companies navigate high-growth phases can make the difference between scaling successfully and losing ground.

HexClad worked with J.P. Morgan to design one-, three- and five-year strategic plans, with proactive guidance on responding to market shifts such as tariffs.

“J.P. Morgan…took the time to really understand our business, who we were, how we were showing up in public, and how do we create long-term strategies for success.” 

HexClad advanced toward its goals in 2024, when it secured a $100 million investment from Studio Ramsay Global, the partnership between Ramsay and FOX Entertainment.

Ramsay—known for his multiple Michelin-starred restaurants as well as TV series including “Hell’s Kitchen” and “MasterChef”—was already a HexClad investor. J.P. Morgan acted as the sole placement agent, helping HexClad design a deal that would deepen that successful alliance, combining capital with media commitments to help HexClad fuel growth and reach new customers.

Winer is confident HexClad can continue to grow by expanding its hybrid approach throughout the kitchen.

“We’re bringing things together to create something better than those things on their own,” Winer said. “We’re just beginning to scratch the surface with all the different places we can innovate.”

We’re here to help

J.P. Morgan combines deep industry expertise and a full suite of investment banking solutions to help companies achieve ambitious growth and investment goals. Whether you’re crafting a transformation plan or preparing for a landmark transaction, our Mid-Cap Investment Banking team can help you get there. 

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