Vista Outdoor will pay a total purchase price of $74 million for Camp Chef, comprised of $60 million in cash paid at closing and $14 million in cash to be paid out in equal installments on the first, second and third anniversaries of the closing date, subject to certain conditions described below. However, the effective purchase price is lower, due to value created by certain tax assets resulting from the transaction and the deferred purchase price structure, leading to an effective multiple of approximately 6.4x Camp Chef's expected calendar year 2016 EBITDA. Vista Outdoor financed the purchase price paid at closing using borrowings under its existing revolving credit facility. Vista Outdoor expects the acquisition to be slightly accretive to FY17 earnings per share (EPS), including impacts associated with transaction expenses. A majority of the payment of $14 million of deferred purchase price will be contingent on continued employment of key members of management and certain other conditions. As a result, Vista Outdoor plans to record the payments conditioned on continued employment as a compensation expense in future periods in accordance with GAAP. However, for purposes of presenting certain non-GAAP financial measures, including adjusted EPS, Vista Outdoor expects to treat those deferred payments as deferred purchase price and will therefore adjust the payments out of its financial results in future periods as payments are made. The purchase price will also be subject to a customary working capital adjustment. Additional information, including impact on full-year guidance, related to Camp Chef will be presented during Vista Outdoor's second quarter FY17 earnings call and webcast.
I watched the Traeger infomercial on T.V. Seemed easy enough. Ha! QVC ran a similar infomercial on their channel, seemed really easy. Ha! Like a fool and his money are soon departed, I jumped in and bought one. When it came in the mail, I started to assemble it. What a joke! No instructions came with it to tell me where the nuts and screws went. Called the manufacturer. The lady said they had many complaints with the QVC orders, she would email me a copy of the instructions. Well I finally put it together. Performed the (curing and start up method). Bought a nice pork shoulder and started grilling. It is interesting that both infomercials say set the temp and WALK AWAY!!! What a joke, I sat and watched the grill like a hawk for 3 hours, everything was good. I figured I would go eat lunch, ha! What a mistake. When I came back (20 min.) the grill had turned itself off and had an error on the screen.
"The Camp Chef transaction aligns with Vista Outdoor's strategy to deliver long-term value through acquiring complementary, market-leading brands that will benefit from Vista Outdoor's balance sheet, distribution network, and sales and marketing expertise," said Chairman and Chief Executive Officer Mark DeYoung. "Led by an entrepreneurial management team, Camp Chef has a nimble and responsive product development process. Camp Chef continues to grow its market share in the outdoor cooking category, and the brand serves many of our current consumers who are engaged in a wide variety of outdoor pursuits. Acquiring Camp Chef strengthens our leadership position in outdoor recreation, allows us to enter the growing camping and outdoor cooking market, and the brand's effective multi-product, multi-channel strategy increases our presence across both brick-and-mortar and ecommerce distribution platforms."
I have used mine Traeger 15 times and it hasn't worked once. I will not hold the temp within 15 degrees as they state. I can set mine to 225 and will go between 180-370. It also consistently shutting itself off with the same error. I have spoken to cust service 12 times and they are worthless. I have had new controller sent and other various parts. I have been on the phone with them for hours. I always have to take my meat off and finish it on my Weber. They refuse to send me a new one. They still demand to go back through the same damn steps as the last 12 times to debug it. Never again. If you see my post on Craigslist, don't buy it, it's a lemon that Traeger will not support.
2. The grill does not come back to the set temperature after the lid is opened and closed to place the meat. I start it, close the lid, set the temp (startup procedure has changed to this according to Traeger service tech) and after 15 or 20 minutes it is not at the set temp yet...in fact it is declining. Well I need to cook on it and cannot wait forever so I open the lid quickly, throw the meat on, and close the lid quickly.
"Camp Chef is excited to join the exceptional family of Vista Outdoor brands," said Ty Measom, Camp Chef President. "The opportunity to be part of this dynamic company will provide for the future growth and success of Camp Chef as a leader in our market. The hard work and dedication of Camp Chef employees, past and present, has made Camp Chef what it is today. We look forward to the opportunities ahead."
****Update 12/2014: So I finally found something negative to report. Today I was cooking 2 pork butts and a brisket and discovered that this grill does not do well with wind on a brisk day (It was 45 degrees here today). When set at 250 degree, the smoker could barely make it up to 190 degrees. I was able to bypass the problem by throwing a cheap moving blanket over the grill (an $8 fix) but I think it's worth noting.
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