Entrepreneur Ramesh Malhotra sold M.E. Heuck Co., a kitchen gadget firm, to an undisclosed buyer.
Terms of the deal, which closed at the beginning of April, were not disclosed.
M.E. Heuck was part of the Malhotra Group, one of the largest minority-owned companies in Greater Cincinnati. M.E. Heuck sells more than 500 kitchen items, including the Heuck Turkey Lacer, nutcrackers, colanders, corkscrews, basters and crab mallets.
Malhotra said he was able to increase revenue at M.E. Heuck to $24 million, up from $16 million in 2009, but he decided it would be best if someone else owned the company.
In making the decision to sell the company, Malhotra wanted to make sure as many employees as possible would keep their jobs, either with M.E. Heuck, or with another Malhotra Group company.
In addition to selling the company, Malhotra sold the building it has been located in since 2010. BGR Inc. purchased M.E. Heuck's building for just less than $3 million.
Malhotra Group now has five diversified operating units representing commodity training, retail and wholesale, real estate, intellectual properties and core business services.
Malhotra said the new owner of M.E. Heuck is expected to make an announcement about the acquisition soon.
Demeropolis covers retail, restaurants and technology.
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