BDT-Backed Barbecue Grill Maker Weber Is Said to Plan IPO
(Bloomberg) -- On the heels of the July 4 holiday, another U.S. grill maker is planning to go public.
Weber-Stephen Products LLC, the maker of Weber grills, is planning an initial public offering this year, according to people with knowledge of the matter. The company is seeking to be valued at $4 billion to $6 billion, one of the people said.
The company has tapped Goldman Sachs Group Inc. and Bank of America Corp. to lead the offering, the people said, asking not to be identified discussing private information.
BDT Capital Partners, the Chicago-based investment firm and merchant bank founded and led by Byron Trott, has been the majority owner of the manufacturer since 2010.
Representatives for Weber, based in Palatine, Illinois, and Bank of America declined to comment. BDT and Goldman Sachs didn’t respond to requests for comment.
Weber’s IPO plans follow Tuesday’s filing by smaller rival Traeger Inc. While Weber is a mass-market brand, Traeger targets more-skilled home cooks, selling mobile-app connected grills costing up to $1,999.99 each.
Home-goods companies have gotten a boost from the extended period of lock-down during the coronavirus pandemic, during which people have spent more time at their homes and more money on them.
Weber, which calls itself the largest manufacturer of grills and grilling accessories, raised $1.55 billion in debt in October. That financing was led by Bank of America, according to a statement at the time.
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