Jim has proven to be an invaluable partner and leader at our Company. MEATER is a critical part of the Traeger story and I am thrilled to have Jim lead its next phase of growth. As we evaluated succession planning for MEATER, it became clear that Jim was the right candidate. In his role as COO of Traeger, Jim assumed executive oversight of MEATER. This experience, along with his decades-long track record of leadership and operational excellence, make him well positioned to successfully lead MEATER and ensures a seamless transition.Jeremy Andrus, CEO of Traeger
Traeger acquired MEATER in July of 2021 for $100 million. It’s currently run by its founders, Wen Nivala, Teemu Nivala, and Joseph Cruz, who are expected to transition out of their leadership roles at the end of this year.
MEATER has been a bright spot for Traeger financially. Despite purchasing it at the height of the pandemic, it has performed well enough that Traeger had to use debt to finance a large earnout for MEATER.
I would like to thank Wen, Teemu, and Joseph for their contributions in driving MEATER’s strong growth since we acquired the business and I wish them success in their future endeavors.Jeremy Andrus, CEO of Traeger
No word was given about the reason for the management transition in the press release. It’s not uncommon for founders to move on after a couple years after a buy-out because of the financial windfall, but also because the personality of an entrepreneur isn’t always aligned with corporate work.