Is Sur La Table Publicly Traded? An In-Depth Look at the Private Kitchenware Retailer
As you browse for new pots, pans, and other kitchen essentials, you may be wondering – who actually owns and operates retail stores like Sur La Table? Is Sur La Table part of a big public corporation, or something different?
Sur La Table holds a special place in the hearts of many home cooks. Let‘s take a closer look at this beloved brand and see how it has navigated the world of retail over the past five decades.
From Humble Beginnings to Industry Leader
To understand Sur La Table‘s current status, we need to go back to 1972. That‘s when founder Shirley Collins opened the first Sur La Table store in Seattle‘s Pike Place Market.
Inspired by her travels throughout Europe, Shirley brought back innovative kitchenware and culinary finds to share with American home cooks. The initial Sur La Table store offered specialized imported items you simply couldn‘t find elsewhere.
With its warm, welcoming service and unique selection, Sur La Table quickly built a loyal following. Home cooks returned again and again for hard-to-find tools to make cooking pure joy.
Flash forward to today, and Sur La Table has over 100 stores across the U.S. and Canada. The retailer has expanded far beyond Shirley‘s first shop.
However, Sur La Table stays true to those early roots by continuing to provide:
- One-of-a-kind, specialty cooking items you won‘t see everywhere else
- High-quality products to help both novice and expert cooks
- Friendly, relationship-based customer service
Nowadays, Sur La Table has a thriving web business and catalog operation too. But in-person shopping remains central to the warm, community-focused Sur La Table experience.
Sur La Table Stays Privately Owned with Private Equity Investors
Sur La Table has the scale and reach of a major national retailer. But interestingly enough, the company has remained privately owned for its entire 50-year journey.
Rather than trading publicly on the stock market, Sur La Table is backed by private equity investment firms. These firms saw the potential for Sur La Table to grow and generate profits with the right strategy and resources.
The first of these private equity deals came in 2011, when Freeman Spogli & Co. purchased Sur La Table for a reported $75 million. Under five years of leadership from Freeman Spogli, Sur La Table expanded its store count and transitioned to an omni-channel, Internet-ready business model.
In 2016, Freeman Spogli sold the company to another private firm – Vestar Capital Partners – for a whopping $675 million. Sur La Table was clearly on an upward trajectory.
Most recently in 2019, Sur La Table was acquired by its current owner, Investcorp, for $90 million. While a seemingly lower price, this deal came after bankruptcy filings and amidst retail struggles.
Investcorp saw potential to get Sur La Table back on steady ground. Today, the company seems poised for an optimistic new chapter.
How Private Ownership Shapes the Retailer
The fact that Sur La Table remains privately owned has shaped its evolution in key ways over the past decade.
On the positive side, avoiding the pressures of the stock market gives Sur La Table more flexibility to focus on long-term goals over short-term profits. The company doesn‘t have to chase quarterly earnings estimates to please shareholders.
However, private ownership has downsides too. Acquiring investment capital can be more challenging. And there‘s no public stock for early employees to sell for liquidity during ownership changes.
As a private firm, Sur La Table also faces reduced regulatory oversight compared to public retailers. This can be both advantageous (less red tape) and risky (less accountability) at times.
Leadership Carries the Torch
Sur La Table continues to be led by experienced retail executives who care deeply about the brand.
CEO Jason Goldberger joined Sur La Table in 2019, coming from Stein Mart where he led a successful turnaround effort. Goldberger‘s initiatives at Sur La Table have centered on omnichannel growth.
In the company‘s over 50 regional offices and stores, Sur La Table employs more than 3,500 people. With its headquarters remaining in Seattle, the retailer retains its Northwest roots.
How Sur La Table Compares to Publicly Traded Rivals
Sur La Table occupies a unique niche as a privately owned, cooking-focused retailer. But it does face competition from some heavy-hitting public corporations.
The most direct rival is Williams-Sonoma, a publicly traded company with a portfolio of retail brands. Williams-Sonoma operates over 600 stores, including Pottery Barn and West Elm. With a market cap of $8 billion, Williams-Sonoma‘s size dwarfs Sur La Table.
Bed Bath & Beyond also competes in kitchen and home goods, although not with the same specialty offerings. After tumbling stock prices, Bed Bath & Beyond has a market cap around $850 million today.
In the high-end housewares space, RH offers luxe furniture and furnishings. RH debuted on the NYSE in 2012 and has climbed to a $6 billion market valuation.
While larger in scale, these public companies also deal with more volatility, leadership changes, and margin pressures from Wall Street. Their successes and struggles highlight the retailer landscape.
Sur La Table Stays Resilient in a Dynamic Industry
Over 50 years, Sur La Table has grown from a humble Pike Place Market shop to a retail brand known across North America. It has survived recessions, e-commerce disruption, and changing consumer behaviors.
Through it all, Sur La Table has remained independently operated – continuing to provide specialized products and welcoming experiences for home cooks.
As we‘ve seen, both public and private ownership structures have pros and cons. Sur La Table has navigated investment shifts while preserving the core of what makes it special.
Looking ahead, Sur La Table appears ready to embrace the future. With consumers cooking at home more than ever, Sur La Table‘s purpose resonates. Though privately owned, this retail brand enriches many lives through the joy of food and community.
