Weber-Stephen Products Co., the world's leading manufacturer of charcoal and gas grills, announced today that BDT Capital Partners, LLC has agreed to acquire a majority interest in the Weber business through a newly formed partnership with the Stephen family.
"Our family remains committed to the long-term growth of Weber and to the values our brand has come to represent around the globe," said James C. Stephen, second generation President and CEO of Weber-Stephen Products Co. "This partnership with BDT Capital Partners allows us to continue to invest in the business, produce innovative high quality products, deliver strong customer service, and build upon the global strength and heritage of the Weber brand. The team at BDT Capital Partners and its extensive network of family business leaders understand the needs of family companies, and they invest for the long-term."
"Weber is a dynamic company with an incredible family legacy, an iconic brand, dedicated employees, and a talented management team led by Jim Stephen," said Byron D. Trott, Managing Partner and Chief Investment Officer for BDT Capital Partners. "We are excited to partner with the Stephen family and the Weber management team to continue to build upon the strength of the business in the U.S., Europe and Australia and grow the brand in other key markets around the world." Trott added, "This investment is a perfect example of our business model – to partner and invest alongside best-in-class and enduring family businesses with strong management teams and loyal customers."
The Stephen family will retain the four existing Weber-branded restaurants. Additional terms were not disclosed. BofA Merrill Lynch acted as financial advisor to Weber. Closing of the transaction is expected in December and is subject to customary regulatory and other conditions.
About Weber-Stephen Products Co.
Weber-Stephen Products Co., headquartered in Palatine, Illinois, is the world's premier manufacturer of charcoal and gas grills, grilling accessories and other outdoor room products. In 1952, founder George Stephen sparked a backyard revolution with his invention of the Weber® kettle. More than 55 years later, the family-owned company remains the industry leader with its Weber®, Weber® Q®, and Ducane® brands. As a leading exporter of grills, Weber brand products are sold worldwide at select home centers, hardware stores, department stores, patio stores, and other retail outlets. Weber has the strongest consumer outreach program in the industry with its Weber Grill-LineSM (1-800-GRILL-OUT®); Weber's On The Grill™ mobile application; and a content-rich website with grilling tips, techniques, and original Weber recipes at www.weber.com®.
About BDT Capital Partners, LLC
BDT Capital Partners provides family and founder owned businesses with long-term capital, solutions-based advice and access to an extensive network of world-class family businesses. Based in Chicago, BDT Capital Partners is a family controlled private partnership structured to provide advice and capital that addresses the unique needs of family businesses. The firm has an approximate $2 billion investment fund as well as an investor base with the ability to co-invest significant additional capital. Its advisory business works with family businesses to pursue their long-term strategic and financial objectives. Founders and family business leaders value the firm's long-term perspective, confidential approach and commitment to partnership as the foundation for creating value and successful stewardship.
Contacts:
Weber-Stephen Products Co.
Sherry L. Bale
Director of Public
and News Media Relations
224-836-2724
sbale@weberstephen.com
or
BDT
Capital Partners
Jennifer Dunne
312-660-7314
