Weber Inc., an American grill maker, has agreed to a $3.7 billion takeover by investment funds managed by BDT Capital Partners.

As per the terms of the deal, the private equity firm will buy out all the shares of the publicly-listed Weber it previously didn’t own for $8.05 per share.

The consideration represents a 60% premium to the closing price of the Class A Shares of the outdoor cooking brand on 24 October 2022, which was the last trading day before BDT Capital Partners issued a non-binding acquisition proposal to the board of directors of Weber.

Currently, Weber is listed on the New York Stock Exchange (NYSE). Following the closing of the deal, it will become a privately held firm that will be majority owned by investment funds managed by BDT Capital Partners.

Alan Matula — Weber interim CEO said: “For over a decade, BDT has been a longstanding strategic partner for Weber. With their continued support, our global team will move forward in executing our long-term strategy with consumers and customers as our top priorities.

“And we’ll continue to sharpen our focus on doing what we do best: delivering the outdoor cooking industry’s most innovative, best-performing, highest-quality products and engaging millions worldwide who love to gather together and cook outside.”

Based in Palatine, Illinois, Weber manufactures charcoal, pellet, gas, and electric grills, smokers, and accessories for outdoor cooking.

Kelly Rainko — BDT Capital Partners Partner said: “Weber is the #1 brand and global category leader in outdoor cooking, and it has demonstrated a relentless commitment to quality and innovation over its 70-year history.”

The deal, which is subject to HSR clearance and other customary closing conditions, is likely to close in the first half of 2023.

  Alan Matula, BDT Capital Partners, Illinois, Kelly Rainko, Palatine, USA, Weber