Griddle maker Blackstone Products to go public via $900m SPAC deal
Blackstone Products, a US-based griddle maker, has agreed to merge with blank check company Ackrell SPAC Partners I Co. in a deal that values the combined entity at $900 million.
The merger with the special purpose acquisition company (SPAC) will enable Blackstone Products to become a publicly-listed company, which will trade on Nasdaq.
Based in Logan, Utah, Blackstone Products helps people cook outdoors with its outdoor griddles which enable users to cook a wider range of foods quicker and more frequently.
The product line of the company features griddles, accessories, and consumables designed to make outdoor cooking easier and accessible to everyone for every meal.
Roger Dahle — Founder and CEO of Blackstone Products said: “Our market-leading griddle product portfolio is complemented by a broad range of higher-margin branded accessories and consumables. As we continue to expand our product line and increase our premium offerings, we expect to continue to gain market share and expand the outdoor cooking category.
“We have ignited a massive social media movement supported by our loyal customers that will further propel our brand awareness.
“This transaction with the Ackrell team will be transformative for our business, providing capital to fuel our marketing efforts, enhance new product development and expand our presence in the U.S. while expanding into international markets.
“There is a massive whitespace opportunity for griddles and we believe Ackrell is the perfect partner to help us achieve our mission – to make outdoor cooking accessible to all, for every meal.”
Griddle maker Blackstone Products to go public via $900m SPAC merger deal. Photo courtesy of extremis from Pixabay.
The deal will provide Blackstone Products with an estimated gross transaction proceeds of up to $281 million. This includes a private investment in public equity (PIPE) of $31 million of common stock and $111 million of convertible notes due 2027. The PIPE will involve various institutional investors led by FS Investments.
Stephen Cannon — Chief Operating Officer and President of Ackrell SPAC Partners I said: “Blackstone has established, transformed and accelerated an entirely new category in the outdoor cooking market and its products have clearly resonated with consumers of all demographics.
“As we were evaluating potential partners, we were seeking a high-growth company, with robust revenue growth, branded products with a compelling distribution strategy and a management team with strong integrity and public company capability. After a lengthy due diligence process, we found that Roger and the Blackstone team not only met all of those requirements – they exceeded them.”
The deal, which is subject to Ackrell SPAC Partners I’s shareholders’ approval and other customary closing conditions, is anticipated to be wrapped up in Q2 2022.