AEA Investors in its recapitalization of Traeger Grills


Fried Frank acted as counsel to AEA Investors in its recapitalization of Traeger Grills. AEA completed the recapitalization in partnership with Ontario Teacher’s Pension Plan and Trilantic North America, previously Traeger’s largest shareholder. Traeger Grills is the inventor of the original wood-fired grill utilizing wood-fired convection power to provide 6-in-1 versatility; grill, smoke, bake, roast, braise, and BBQ meals to perfection every time.

Trilantic North America, a leading private equity firm, today announced the recapitalization of Traeger Grills (“Traeger”) with a new majority control shareholder, AEA Investors (“AEA”). AEA will complete the acquisition in partnership with Ontario Teachers’ Pension Plan. Additionally, Trilantic North America and CEO Jeremy Andrus will re-invest alongside AEA, which will become Traeger’s largest shareholder at the close of the transaction.

Headquartered in Salt Lake City, Utah, Traeger pioneered the wood pellet grilling category 30 years ago and has continued to drive innovation as the market leader. The company is disrupting the outdoor cooking industry by offering a superior solution that creates better flavor and is easier to use than conventional gas and charcoal grills. In addition to a full line of grills, Traeger also offers a range of 100% hardwood fuel, branded accessories and consumables through its direct sales channels and retail partners.

Under Jeremy Andrus’ leadership, Traeger has grown rapidly with sales tripling from the time of Trilantic North America’s initial investment. The company has invested for growth, broadening its product line while enhancing performance, features and quality, expanding its distribution network with new and existing channel partners, and implementing systems and processes to optimize its supply chain. Building upon its roots and unique story as the original wood-fired grill, Traeger has set a new standard for lifestyle brands in the industry. As an omnichannel platform, Traeger has invested significantly to provide its customers with a best-in-class cooking experience, including access to a rich content library across a variety of social media channels, more than 3,000 recipes and videos available on TraegerGrills.com and live events like Traeger Shop Class.

The Fried Frank team was led by corporate partners Steven J. Steinman (Picture) and included corporate partners Randi Lally and J. Christian Nahr; antitrust and competition partners Nathaniel Asker and Tobias Caspary; executive compensation & ERISA partner Jeffrey Ross; litigation partner Joshua D. Roth; tax partner Eli Weiss; corporate special counsel Andrew J. Klein; corporate real estate special counsel Jessica H. Mayes; environmental special counsel Donna Mussio; intellectual property and technology special counsel Amir R. Ghavi; corporate associates Caitlin M. Hyduke, P. Ryan Messier, Ariana Omar, Christina Robinson, Justin A. Schenck and Maxwell Yim; antitrust and competition associates Max Kuttner and Aleksandr B. Livshits; executive compensation & ERISA associate Jaclyn I. Waters; environmental associate Samuel K. Dykstra; intellectual property and technology associate Marli Sussman; litigation associate Harrison D. Polans; tax associate Sohail Itani and corporate law clerk Dionne N. Julius.

Involved fees earner: Steven Steinman – Fried Frank Harris Shriver & Jacobson; Randi Lally – Fried Frank Harris Shriver & Jacobson; Christian Nahr – Fried Frank Harris Shriver & Jacobson; Andrew Klein – Fried Frank Harris Shriver & Jacobson; Caitlin Hyduke – Fried Frank Harris Shriver & Jacobson; P. Ryan Messier – Fried Frank Harris Shriver & Jacobson; Ariana Omar – Fried Frank Harris Shriver & Jacobson; Christina Robinson – Fried Frank Harris Shriver & Jacobson; Justin Schenck – Fried Frank Harris Shriver & Jacobson; Maxwell Yim – Fried Frank Harris Shriver & Jacobson; Nathaniel Asker – Fried Frank Harris Shriver & Jacobson; Tobias Caspary – Fried Frank Harris Shriver & Jacobson; Max Kuttner – Fried Frank Harris Shriver & Jacobson; Aleksandr Livshits – Fried Frank Harris Shriver & Jacobson; Jeffrey Ross – Fried Frank Harris Shriver & Jacobson; Jaclyn Waters – Fried Frank Harris Shriver & Jacobson; Joshua D. Roth – Fried Frank Harris Shriver & Jacobson; Harrison Polans – Fried Frank Harris Shriver & Jacobson; Eli Weiss – Fried Frank Harris Shriver & Jacobson; Sohail Itani – Fried Frank Harris Shriver & Jacobson; Jessica Mayes – Fried Frank Harris Shriver & Jacobson; Donna Mussio – Fried Frank Harris Shriver & Jacobson; Samuel Dykstra – Fried Frank Harris Shriver & Jacobson; Amir Ghavi – Fried Frank Harris Shriver & Jacobson; Marli Sussman – Fried Frank Harris Shriver & Jacobson;

Law Firms: Fried Frank Harris Shriver & Jacobson;

Clients: AEA Investors, LP ;

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Author: Ambrogio Visconti