The completed transaction enhances Vista Outdoor's position within one of the camping market's most attractive categories, complementing its already broad portfolio of 50 brands in shooting sports and outdoor recreation. Wholesale dollar sales in the camping category grew at a 6% Compound Annual Growth Rate (CAGR) from 2010 to 2015 (source: Sports & Fitness Industry Association). Camp Chef's sales growth has been fueled by a strong product development pipeline and user-friendly products.
Editor-in-Chief Sean McCoy is a life-long outdoorsman who grew up hunting and fishing central Wisconsin forests and lakes. He joined GearJunkie after a 10-year stint as a newspaperman in the Caribbean, where he learned sailing and wooden-boat repair. Based in GearJunkie's Denver office, McCoy is an avid trail runner, camper, hunter, angler, mountain biker, skier, and beer tester.
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.
Bought Junior Elite 20 pellet grill at Costco special sales event. Took it home and it simply wouldn't get up to temperature to ignite the pellets. Auger made extremely loud noises and then simply refused to operate. Packed it back up and returned to Costco with no problem. They had no inventory so I called Traeger. Woman on phone was very pleasant and helpful. Asked if I could get Traeger to simply replace the grill at the same price I purchased it for. Her supervisor said no and if I wanted it for that price I would have to drive to another state and purchase it at one of their event presentations. Made no sense to me why they would sell it to someone else for the "event" price but not to me who had already done. Poor customer support and silly supervisor. I will look elsewhere.
"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."
Despite often being called “pellet grills,” they still cook via indirect heat, as opposed to flame, and are better seen as a smoker. They’re excellent for smoking briskets, chicken and turkey, salmon and other fish, but maybe not for steaks, as you won’t be able to get the same crispy, browned sear they call for, and that you can get with an open-flame grill.
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.
Craft amazing wood-fired creations with the Traeger Lil' Tex Elite 22 pellet grill. From grilled steak, to smoked ribs, and even a freshly baked apple pie, the set it and forget it ease of use allows any home chef to cook it all. Swap the gas and charcoal barbecue for 100% pure hardwood pellet flavor and grill, smoke, bbq, bake, roast, or braise a masterpeice.
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.
Although our testers thought this grill was a bit heavy, they loved its small footprint and still found it to be very portable: “It’s a great size and convenient to bring in an RV or SUV for tailgating and grilling on the go,” reported one reviewer. Our testers were also pleased with how easily you could control the grill’s heat from its corresponding smartphone app. The only real downside? The instructions were a little unclear, according to one of our reviewers.
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