"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."
Wood pellet grills look like standard barbecue grills but some with a separate firebox for making smoked meats that will also let you smoke vegetables and other ingredients. As Traeger and Pit Boss both get good reviews from customers, it’s important that you look at the top features of this grills and how each company compares in relation to those features.
When it comes to construction, few companies can beat Traeger. Its grills come with construction features like cast-iron grates with a clear and nontoxic coating that prevents food from sticking to the grill and fireboxes made from a similar material. Though Pit Boss grills feature similar elements, many look flimsy, and most will not keep up with your grilling and smoking demands.
The smoker does not hold temperature. I called the service dept and they sent a new controller card and it does not hold temp either. When I contacted the service dept they told me that the grills do not hold temp at the 225 degree setting. If you look at all the Traeger literature and cookbook and recipes all say to smoke at 225. As does every other smoking cookbook. So Traeger manufactures and sells a known defective product. DO NOT BUY TRAEGER.
I think a lot of reviewers here don't have enough experience in pellet grilling to recognize how many features are packed into this unit for the money. I'm not going to talk about the usual advantages of pellet grilling in general in this review (i.e., clean flavor, "set and forget", less ash,). Instead, I'm going to focus on what makes this one uniquely better than the other grills in it's class.
Got the Traeger Pro grill. I was so excited after seeing all of the commercials, unfortunately once I got it together it did not work. No heat on the glow rod no fan nothing. The only thing that worked was the auger and the front panel lights up. Called customer service spent 2 hours on the phone for them to tell me what I already knew they did not work. I told the man on the other end of the line that if it could not work out of the box I did not want it, he stated no returns. Now I am stuck with it. He says, "I will send you the parts needed you can replace them."
Certain statements in this press release, including statements regarding the expected future financial performance of Camp Chef and the impact of that performance on Vista Outdoor, constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The words 'believe', 'expect', 'anticipate', 'intend', 'aim', 'should' and similar expressions are intended to identify such forward-looking statements. All such forward-looking statements involve estimates and assumptions and are subject to a number of risks and uncertainties, many of which are beyond Vista Outdoor's control, which could cause actual results to differ materially from the expectations described in the forward-looking statements. Among those risks and uncertainties are: assumptions regarding demand for Camp Chef's products; the risk that the anticipated benefits and cost savings from the transaction may not be fully realized or may take longer than expected to realize; the ability of Vista Outdoor to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners of Camp Chef; costs or difficulties related to the integration of the business following completion of the transaction; and changes in the business, industry or economic conditions or competitive environment. Vista Outdoor undertakes no obligation to update any forward-looking statements. For further information on factors that could impact Vista Outdoor, and the statements contained herein, please refer to Vista Outdoor's most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed with the U.S. Securities and Exchange Commission.
In 2010, I sprung for a discounted Rainer with $80 in tip money and a pro deal through the whitewater rafting company I worked for. It was an expensive purchase for me at a time when my monthly food budget was around $60. But hey, along with a Roll-a-Table, two chairs I “borrowed” from the rafting company, and my cooler, I had almost a full kitchen that I could deploy from the back of my truck. And the Rainier quickly proved a wise investment.
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.
This cooker is still the best value for the dollar for pellet grills I have been looking again for a larger rig, but haven't found one better. If you are looking for an entry level pellet grill this is the one you want. Don't be discouraged by the reviews that talk about leaking smoke or not sealing well because it does leak smoke everywhere. Look at the pic I attached to my review you can see it for yourself it does, but isn't it silly to buy a smoker that doesn't smoke. If you ever go to a BBQ competition you will see most of their smokers leak smoke also.
Depending on your budget and grilling needs, there are a variety of Traeger options ,including the Renegade. With the Traeger Pro Series 22 you get a bigger Traeger with more advanced features at about the same price, while the Junior Elite, Tailgater, and Bronson also offer an incredible value. Or, if you prefer a pre-set package deal, the Outlaw Package comes with upgraded accessories and and costs less than the Renegade.
Compared to the Traeger Pro and the other smokers we’ve reviewed, there’s not much not to like about this bad boy. It’s significantly cheaper, packs ample cooking space, and a good, consistent temperature controller. At 173 lbs, it is quite heavy, and not at all portable like the Davy Crocket, and we’d love to see it come with more precise temperature control, and maybe even WiFi in the future. But for the price, it’s a beast of smoker that is almost as good as the Traeger.