BBQGuys made headlines last September when they acquired modular outdoor kitchen brand Mont Alpi. It follows a trend with their business of becoming a house of brands on top of being a retailer.

We’re building a platform for sustainable, long-term growth, one that’s rooted in strategic M&A, product innovation, and customer experience. Mont Alpi fits within that vision.

Russ Wheeler, CEO of BBQGuys – Mont Alpi Acquisition Press Release

It marks BBQGuys returning to growth too. They were growing like crazy into the Pandemic with a 38% revenue CAGR, which led to being acquired by PE firm Brand Velocity Partners at the end of August 2020 for a rumored $140 million. At the end of 2020, BBQGuys had an adjusted EBITDA of $37 million.

The acquisition was supported by a first lien term loan from WhiteHorse Capital, the direct lending affiliate of H.I.G. Capital. As of the end of Q1 2021, BBQGuys had a debt balance of $76 million.

They subsequently started the process of going public through a SPAC merger in 2021. Of course, that’s when the grill category came crashing down, and they dissolved their merger agreement.

After weathering the economic headwinds over the past five years, BBQGuys has refinanced their loan from WhiteHorse Capital. This time they went with Brigade Capital Management.

The new debt is a $95.0 million senior secured term loan from Brigade and a $30 million revolver with Capital One. The deal closed on September 5th, 2025 and was used to refinance their previous debt, and to fund the Mont Alpi acquisition. The new facility will be used to fuel future growth for the large online BBQ retailer.

Our partnership with Brigade Capital Management marks an important step as BBQGuys enters its next phase of growth. Their partnership mindset and conviction in the business reinforces the strength of the platform, and provides great flexibility as we continue to push forward with our value-creation strategy.

Steve Lebowitz, Managing Partner at Brand Velocity Group – Brigade Capital Press Release