Palatine-based Weber Grills sells majority stake
The freezing temperatures Monday may have prevented grillers from firing up their Webers, but the weather didn't slow news of the sale of a majority stake of the Palatine-based barbecue grill company.
The owners of Weber-Stephen Products Co., makers of grilling staples including the Smokey Joe and Weber Q, have announced they're selling a majority interest of their company to BDT Capital Partners LLC, a Chicago-based investment firm. The Stephen family will continue to own and operate their four Weber Grill restaurants in Chicago, Lombard, Schaumburg and Indianapolis.
“Our family remains committed to the long-term growth of Weber and to the values our brand has come to represent around the globe,” Weber President and CEO James C. Stephen said in a prepared statement. “This partnership with BDT Capital Partners allows us to continue to invest in the business, produce innovative high quality products, deliver strong customer service, and build upon the global strength and heritage of the Weber brand.”
Financial terms of the deal weren't disclosed, as Weber is a privately-owned company. A Weber spokeswoman also wouldn't say how much of a stake BDT purchased. The deal is expected to close later this month.
James Stephen's father, George Stephen, made the first Weber grill in 1952 while working for Weber Brothers Metal Works, then in Mount Prospect. He punched some holes in a metal buoy and sliced it in half and created a symbol of summer in America. After sales picked up later that decade, George Stephen purchased the Weber company and renamed it Weber-Stephen Products.
He died in 1993 and left 12 children. James Stephen said BDT and its business network “understand the needs of family companies and they invest for the long term.”
Weber's product line has evolved over 55 years, riding the popularity of several charcoal grills. The Genesis line of gas grills, introduced in 1985, revolutionized the industry. In recent years, sales of the smaller Weber Q grills have made their ways to city dwellers with cramped quarters, as well as tailgaters at sporting events.
“Weber is a dynamic company with an incredible family legacy, an iconic brand, dedicated employees and a talented management team led by Jim Stephen,” BDT Managing Partner and Chief Investment Officer Byron D. Trott said. “We are excited to partner with the Stephen family and the Weber management team to continue to build upon the strength of the business in the U.S., Europe and Australia and grow the brand in other key markets around the world.”