Weber, a grills manufacturer, is being taken private at a value estimated to be worth $3.7 billion.
All the outstanding shares of Weber Inc. that are not already owned by investment funds controlled by BDT Capital Partners LLC will be acquired for $8.05 a share.
The deal, anticipated to finalize in the first part of next year, has received the board of Weber’s approval.
The Illinois-based Weber company went public in August 2021 for $14 per share.
Shares, traded under the ticker symbol “WEBR” on the New York Stock Exchange, closed on Friday at $6.50.
George Stephen founded Weber in 1952 after a catastrophic effort to cook steaks on a brick fireplace BBQ.
Stephen’s invention was a kettle grill.
At the time, Stephen joined half spheres to create buoys at Weber Brothers Metal Works.
He used one of the half spheres, adding legs, openings for airflow at the bottom, and a cover.
According to the website for Weber, that is how the kettle grill came to be.
Since then, it has developed a variety of barbecues and grilling accessories.