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"I'm just an average guy that ended up liking to cook and had a bunch of cool jobs", uttered Cee Dub as he reminisced on how he came to be a pioneer in modern day cast iron cooking. And cook he did—Cee Dub's first taste of the timeless cookware dates back to the 1950's. A couple loyal pups, a few trusty steeds, and decades of wisdom later—Cee Dub shares his wealth of knowledge in this Camp Chef Story.
FARMINGTON, Utah, Sept. 1, 2016 /PRNewswire/ -- Today, Vista Outdoor Inc. (NYSE: VSTO) announced it has acquired privately owned Camp Chef (Logan Outdoor Products, LLC and Peak Trades, LLC), a leading provider of outdoor cooking solutions. Camp Chef's high-quality products deliver efficient ways to cook for almost any outdoor gathering, from camping to dinner on the back patio. The brand offers more than 250 products including camp stoves, barbecue grills, pellet grills, smokers, fire pits, and a full line of cast-iron cookware and accessories.
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 old camp chef is heading to a new home. We have been thru thick and thin, rain, or snow, on two ocations high wind blew it off the patio. A few dents bad scratches but it still works like a top. My son is driving in form North Carolina to take it off my hands this weekend it has been replaced by a yoder ys-640. The yoder is bigger and heavier with more btu output if needed. But the camp chef still is easier to clean out and cooks a fine brisket.
I bought my Traeger Pro Grill a year ago and have thoroughly enjoyed using it. The problems began when it suddenly stopped working. The warranty is a self-service warranty which means you have to service it yourself or load it up and haul it to a distributor for repair should your efforts fail. For this reason I HIGHLY RECOMMEND YOU AVOID BUYING A TRAEGER GRILL. Anytime you pay 1500 for anything a warranty should mean just that, it’s a replacement warranty. I am terribly disappointed with the response from Traeger. Please feel free to contact me should you need further clarification.
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.