Grilling company Weber is being taken private in a deal valued at about $3.7 billion.
Investment funds managed by BDT Capital Partners LLC will buy all of the outstanding shares of Weber Inc. that they don't already own for $8.05 per share.
Weber's board has approved the transaction, which is expected to close in the first half of next year.
Weber, based in Palatine, Illinois, went public in August 2021 at $14 a share. Shares, which were listed on the New York Stock Exchange under the “WEBR” ticker symbol, closed Friday at $6.50.
Weber began in 1952 when George Stephen created a kettle grill following a disastrous experience attempting to cook steaks on a brick fireplace barbecue. Stephen had been working at Weber Brothers Metal Works at the time, welding half spheres together to make buoys.
He decided to use one of the half spheres, put legs on it, punch holes in the bottom for air flow and put a lid on top. That is how the kettle grill was born, according to Weber’s website. It has since gone on to create various types of grills and grilling accessories.