Griddle maker Blackstone inks $900m SPAC deal with (ACKIU)
13:51, 23 December 2021
Blackstone Products agreed to list on the NASDAQ via a merger with special-purpose acquisition corporation (SPAC) Ackrell SPAC Partners I (ACKIU), valuing the outdoor griddle maker at $900m (£670m).
Blackstone launched its first product in 2008 with its core 36-inch griddle. It has an 80% market share, and its products are sold at retailers such as Walmart, Lowe’s and Amazon.
Once the proposed merger closes in the second quarter of 2022 Blackstone Products will trade under the BLKS ticker.
‘Transformative’ transaction
“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 US while expanding into international markets,” Blackstone Products founder and chair Roger Dahle said in a press release.
“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,” Ackrell president and COO Stephen Cannon said. “After a lengthy due diligence process, we found that Roger and the Blackstone team not only met all of those requirements – they exceeded them”.
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$95m SPAC proceeds
Blackstone will have about $95m in proceeds from the SPAC merger, including a $31m private investment in public equity.
Griddle cooking is redefining the outdoor cooking market by providing consumers with a faster, more convenient and versatile cooking experience as opposed to the more traditional cooking methods offered by charcoal, gas and pellet grills, Blackstone said.
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