News

Trilantic North America has recapitalized Salt Lake City-based Traeger Grills, a maker of the wood-pellet grill. The transaction was done with AEA Investors, which will complete its investment with Ontario Teachers’ Pension Plan. No financial terms were disclosed.

PRESS RELEASE

New York – August 21, 2017 – Trilantic North America, a leading private equity firm, today announced the recapitalization of Traeger Grills (“Traeger”) with a new majority control shareholder, AEA Investors (“AEA”). AEA will complete the investment in partnership with Ontario Teachers’ Pension Plan. Additionally, Trilantic North America and CEO Jeremy Andrus will re-invest alongside AEA, which will become Traeger’s largest shareholder at the close of the transaction.

Headquartered in Salt Lake City, Traeger pioneered the wood pellet grilling category 30 years ago and has continued to drive innovation as the market leader. The company is disrupting the outdoor cooking industry by offering a superior solution that creates better flavor and is easier to use than conventional gas and charcoal grills. In addition to a full line of grills, Traeger also offers a range of 100% hardwood fuel, branded accessories and consumables through its direct sales channels and retail partners.

Under Jeremy Andrus’ leadership, Traeger has grown rapidly with sales tripling from the time of Trilantic North America’s initial investment. The company has invested for growth, broadening its product line while enhancing performance, features and quality, expanding its distribution network with new and existing sales channel partners and implementing systems and processes to optimize its supply chain. Building upon its roots and unique story as the original wood-fired grill, Traeger has set a new standard for lifestyle brands in the industry. As an omnichannel platform, Traeger has invested significantly to provide its customers with a best-in-class cooking experience, including access to a rich content library across a variety of social media channels, more than 3,000 recipes and videos available on TraegerGrills.com and live events like Traeger Shop Class.

“Jeremy has done a tremendous job driving the company’s growth, building out a strong team and creating a culture that reflects the passion of its consumers,” said Jamie Manges, Partner at Trilantic North America. “Our partnership with Jeremy exemplifies our strategy of collaborating with exceptional owner-operators and entrepreneurs. We look forward to continuing our relationship with Jeremy and the Traeger team as the company enters its next chapter of development.”

“Trilantic North America has been a great partner to Traeger by investing in key growth initiatives and supporting the company as it has continued to scale, and we are excited to have them remain as a partner as we continue on our rapid growth. Furthermore, we welcome our new partners, AEA and Ontario Teachers’, who have excellent reputations and track records of supporting consumer growth businesses. And of course I want to thank my team who has shown an incredible commitment to building this special brand. We couldn’t be more enthusiastic about the future of Traeger,” said Andrus.

About Trilantic North America
Trilantic Capital Management L.P. (“Trilantic North America”) is a private equity firm focused on control and significant minority investments in North America. Trilantic North America’s primary investment focus is in the business services, consumer and energy sectors. Trilantic North America currently manages four private equity funds with aggregate capital commitments of $6.0 billion. For more information, visit www.trilantic.com.