Blackstone Products, a Logan-based manufacturer of griddle cooking appliances and accessories, has been acquired by Ackrell SPAC Partners I Co., a publicly traded special purpose acquisition company based in Claymont, Delaware. Through the transaction, Blackstone will be renamed Blackstone Products Inc. and expects to apply to be listed on the Nasdaq stock exchange under the ticker symbol BLKS.
“Blackstone is a pioneer in the emerging and explosive griddle category within the outdoor cooking space,” said Blackstone founder and chairman Roger Dahle. “Our market-leading griddle product portfolio is complemented by a broad range of higher-margin branded accessories and consumables. As we continue to expand our product line and increase our premium offerings, we expect to continue to gain market share and expand the outdoor cooking category. We have ignited a massive social media movement supported by our loyal customers that will further propel our brand awareness. This transaction with the Ackrell team will be transformative for our business, providing capital to fuel our marketing efforts, enhance new product development and expand our presence in the U.S. while expanding into international markets. There is a massive whitespace opportunity for griddles and we believe Ackrell is the perfect partner to help us achieve our mission – to make outdoor cooking accessible to all, for every meal.”
“Blackstone has established, transformed and accelerated an entirely new category in the outdoor cooking market and its products have clearly resonated with consumers of all demographics,” said Stephen Cannon, CEO and president of Ackrell. “As we were evaluating potential partners, we were seeking a high-growth company, with robust revenue growth, branded products with a compelling distribution strategy and a management team with strong integrity and public company capability. After a lengthy due diligence process, we found that Roger and the Blackstone team not only met all of those requirements, they exceeded them. We are thrilled to partner with Blackstone on this exciting journey as they become a publicly traded company.”
The transaction, which will include a transfer of stock and convertible notes, implies a pro forma enterprise valuation for Blackstone of $900 million, according to an Ackrell release. It is expected to close in the second quarter of 2022, subject to, among other things, the approval by Ackrell shareholders, satisfaction or waiver of the conditions stated in the business combination agreement and other customary closing conditions, the release said.
