Traeger, creator and provider of wood pellet grills, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering.
Traeger is a category leader of the wood pellet grill, an outdoor cooking system that ignites all-natural hardwoods to grill, smoke, bake, roast, braise, and barbecue. Its grills can be used to create meals with a wood-fired flavor that cannot be replicated with gas, charcoal, or electric grills. Traeger grills allow owners to program, monitor, and control their grill through the Traeger app, which the company claims is used on more than 1.6 million mobile devices per month.
The Salt Lake City, UT-based company was founded in 1987 and booked $668 million in sales for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol COOK. Traeger filed confidentially on May 3, 2021. Morgan Stanley, Jefferies, Baird, William Blair, Credit Suisse, RBC Capital Markets, BMO Capital Markets, Piper Sandler, Stifel, and Telsey Advisory Group are the joint bookrunners on the deal. No pricing terms were disclosed.
