COOK - Griddle maker Blackstone Products in deal to go public through SPAC Ackrell Partners

Griddle maker Blackstone Products agreed to go public through SPAC Ackrell Partners I Co. (NASDAQ:ACKIU) in a deal that gives the combined company an enterprise value of $900M. The transaction includes a PIPE of $31M of common stock and $111 million of convertible notes due 2027 from several institutional investors led by FS Investments, according to a statement. The deal is expected to close in Q2 and Blackstone is expected to be listed on the Nasdaq under the ticker "BLKS." ”The combined company is expected to be led by Roger Dahle, founder and CEO of Blackstone. Blackstone Products joins two other outdoor grilling companies that have gone public this year including Weber Inc. and Traeger Inc. (NYSE:COOK). Blackstone has had a 72% net revenue CAGR from 2016 through 2020 and sees over $450M in revenue this year and $600M next year. News of the SPAC deal was earlier reported by the

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Griddle maker Blackstone Products in deal to go public through SPAC Ackrell Partners