Grill maker gets investment
New York–Trilantic North America, a private equity firm, announced the recapitalization of Traeger Grills with a new majority control shareholder, AEA Investors. AEA will complete the investment in partnership with Ontario Teachers’ Pension Plan. As well, Trilantic North America and Jeremy Andrus, CEO of Traeger, will re-invest alongside AEA, which will become Traeger’s largest shareholder.
Traeger is a Salt Lake City-based designer, maker and marketer of wood-pellet grilling and outdoor cooking products. Under Jeremy Andrus, Traeger has seen sales triple from the time of Trilantic North America’s initial investment. The company’s investment is aimed at growing and broadening its product line, and expanding its distribution network. As an omnichannel platform, Traeger has invested significantly to provide customers with a best-in-class cooking experience, the company said.
“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.”
Andrus said Trilantic North America has been a great partner by investing in key growth initiatives and supporting the company as it continues to scale.
