 announced today that they acquired Apption Labs Limited, makers of the MEATER smart thermometer for $100 million. This strategic acquisition is a logical fit for the continued innovation of Traeger products. Their pellet grills rely on providing convenient grilling for consumers, so wireless smart thermometers show continued innovation in that area.){kind=link}
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Pellet grill company Traeger (NYSE: COOK) announced today that they acquired Apption Labs Limited, makers of the MEATER smart thermometer for $100 million. This strategic acquisition is a logical fit for the continued innovation of Traeger products. Their pellet grills rely on providing convenient grilling for consumers, so wireless smart thermometers show continued innovation in that area.
MEATER shares our commitment to product innovation and enhancing the cooking experience – indoor and outdoor – and that made them an ideal fit for Traeger as we continue to evolve the connected cooking experience. This acquisition will play a role in our ongoing product development and is yet another way we can bring unique benefits and value to our dedicated ‘Traegerhood’ community of passionate cooks.
Traeger Grills CEO, Jeremy Andrus
Apption Labs is based in Leicester, UK and is an innovator in smart home and wireless, IoT technology. MEATER is the world’s first wireless leave-in meat thermometer. It provides an entry point not only for grill innovation for Traeger, but also into the broader grill accessory market.
Our product complements and enhances Traeger’s connected grilling experience, and joining forces with a market leader in outdoor cooking was something we’re extremely excited about. Together with Traeger, we believe there is much yet to be explored in the realm of connected cooking, and we’re thrilled by the notion of pushing forward to discover and develop new innovations.
Joseph Cruz, Meater CEO
The acquisition closed July 1, 2021 and was for all of the equity in Apption Labs Limited. The total purchase price was approximately $100 million. The deal was structured as $60 million at closing with an additional $40 million in an earn-out based on revenue targets in 2021 and 2022. Traeger utilized their term loan and cash on hand to fund the acquisition and paid approximately $1.6 million in acquisition expenses.