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Weber Inc. (NYSE: WEBR) has successfully completed its take-private transaction with BDT Capital Partners, closing at $8.05 per share, which values the enterprise at $3.7 billion. CEO Alan Matula reaffirmed the company's commitment to providing innovative outdoor cooking experiences. Following the closure, Weber's Class A common stock is suspended from trading and will be delisted from the NYSE. BDT Capital Partners specializes in providing long-term capital to family and founder-led businesses.
Weber Inc. (NYSE: WEBR) reported financial results for Q1 2023, ending December 31, 2022, revealing a 42% drop in net sales to $165 million from $283 million YoY. The decline was attributed to slower retail traffic, high inventory levels, and adverse macroeconomic conditions, with foreign exchange impacting sales by $8 million. Gross profit decreased by 44% to $36 million, representing 22% of net sales. The company faced a significant net loss of $114 million, compared to a loss of $75 million in the previous year. A merger agreement with BDT Capital Partners is set to close in H1 2023, aiming to take Weber private at $8.05 per share, valuing the company at $3.7 billion.
Weber Inc. (NYSE:WEBR) announced its innovative product lineup for the 2023 barbecue season, featuring the new LUMIN Electric Grill, which offers high heat versatility, unique cooking modes, and eco-friendly options. The grill can reach temperatures over 600°F in 15 minutes, allowing for authentic barbecue flavors. Additionally, Weber introduced griddle inserts for SPIRIT and GENESIS gas grills, enhancing cooking options. The products are available through weber.com and retail partners in the Americas and Europe, focusing on convenience and flavor exploration for outdoor cooking enthusiasts.
Weber reported net sales of $1.6 billion for fiscal year 2022, down 20% from the prior year due to reduced retail traffic and inflation. The company faced a net loss of $330 million, compared to a net income of $6 million in 2021. Gross profit also fell 47% to $434 million. Despite these challenges, Weber enhanced its liquidity with an additional $350 million in borrowing capacity and initiated a cash management plan to yield $110 million in future benefits. A merger agreement with BDT Capital Partners is set to close in the first half of 2023, transitioning Weber to private ownership.
Weber Inc., the leader in outdoor cooking, has entered into a merger agreement with BDT Capital Partners for $8.05 per Class A share, valuing the company at $3.7 billion. This offer includes a 60% premium over the last closing price before the proposal. A unanimous recommendation from the board ensures certainty for minority shareholders. Additionally, BDT will provide a $350 million unsecured loan to enhance Weber’s liquidity. This transaction expects to close in the first half of 2023, pending regulatory approvals.
Weber Inc. (NYSE: WEBR) will release its fiscal fourth quarter and full-year 2022 financial results on December 14, 2022. Management will conduct a conference call at 7:30 a.m. CT to discuss the results. Investors can join by calling 844-200-6205 (international: 929-526-1599) and using Conference ID 339681. A live webcast and supporting materials will be available on the Weber investor relations website. A replay and transcript will also be posted afterward.
Weber Inc. (NYSE:WEBR) is partnering with Operation BBQ Relief to provide 4,000 Thanksgiving meals to families in Chicago on November 22, 2022. Over three days, Weber employees and volunteers will prepare and distribute meals at Marillac St. Vincent Family Services. This initiative reflects Weber's long-standing commitment to community support, having collaborated with Marillac for over 25 years. The event aims to address food insecurity and reinforce community ties, showcasing Weber's dedication to social responsibility.
Weber Inc. (NYSE: WEBR) announced a non-binding acquisition proposal from BDT Capital Partners to acquire all outstanding shares of Class A common stock not already owned by BDT at $6.25 per share. The company's board formed a special committee to evaluate this and other proposals. The outcome of this proposal remains uncertain as no definitive agreement has been reached yet. The proposal letter from BDT was dated October 24, 2022, and can be found in the SEC filing on Schedule 13D/A.
Weber Inc. (NYSE: WEBR) reported a challenging fiscal third quarter 2022, with net sales down 21% to $528 million, primarily due to reduced retail traffic and foreign currency impacts. The gross profit decreased 49% to $154 million, reflecting significant freight and commodity cost increases. The company experienced a net loss of $52 million, compared to a profit of $18 million in the prior-year quarter. To address financial pressures, Weber has launched a comprehensive cash flow and cost management plan, including the suspension of its quarterly cash dividend.
Weber Inc. (NYSE: WEBR), a leader in outdoor cooking, will release its fiscal Q3 2022 financial results on August 15, 2022. The management will host a conference call at 7:30 a.m. CT to discuss these results. Investors and analysts can participate by calling 833-927-1758 (international: 929-526-1599) and referencing Conference ID 460992. A live webcast will be available on the Weber investor relations website.
