An American barbecue maker that’s about to go on the New York Stock Exchange has bought a British tech company that makes smart meat thermometers.
Traeger Grills, a $ 550 million turnover company based in Salt Lake City, Utah, makes a line of grills that burn wood pellets, some of which sell for several thousand dollars and can be watched. and controlled using a mobile application.
It bought Leicester-based Apption Labs, the company behind the high-tech Meater thermometer that connects wirelessly to a phone, tablet or smartwatch and shows how long your chicken, roast or ham needs. – then rings you when it’s done.
The device, which starts at Â£ 79, gets stuck in the bird or joint before going straight to the stovetop, barbecue or even the grill, where it can withstand temperatures of up to 300C.
Apption Labs was launched around six years ago and initially underwritten by the Kickstarter and Indiegogo campaigns which the developers hoped would bring in Â£ 100,000. They actually made $ 4million – or Â£ 3million.
It was created by Teemu Nivala from Finland and Joseph Cruz from the United States, product designers who met while working together in Leicester, with their business partner Dauson Chang.
The winner of the LeicestershireLive Innovation Award 2019 also has offices in Los Angeles and Hsinchu, Taiwan, and they recently won two Queen’s Awards for Enterprise for their outstanding achievements in innovation and international business.
Acquisition will expand Traeger’s portfolio of home cooking appliances, marking a milestone in its pursuit of what it calls “the ultimate connected grilling experience” and cooks’ ability to “accurately monitor temperature. food from virtually anywhere â.
Meater will remain separated, Joseph Cruz remaining his general manager.
He said, âOur product complements and enhances the Traeger Connected Grilling experience, and we are extremely excited to partner with a market leader in outdoor cooking.
âTogether with Traeger, we believe there is still much to explore in the area of ââconnected cooking, and we are excited to move forward to discover and develop new innovations. “
Jeremy Andrus, CEO of Traeger Grills, said: âMeater shares our commitment to product innovation and improving the cooking experience – inside and out – and it has makes an ideal choice for Traeger as we continue to evolve the connected cooking experience.
“This acquisition will play a role in the continued development of our products and is another way to bring unique benefits and value to our community of passionate ‘Traegerhood’ cooks.”
Based in Salt Lake City, Traeger has been involved in outdoor cooking and smoking technology since the 1980s.
Its wood pellet grill has led the way in the industry and remains one of the best sellers in the world, and with its WiFIRE technology, it has created a connected cooking platform that allows users to control and monitor remotely their grill.
Apption Labs shareholders were aided in the sale by Castle Donington’s corporate finance team, business advisers Cooper Parry, led by Ben Rookes, Niall Chantrill and Ollie Macildowie. BHW in Leicester provided legal advice.
Niall Chantrill, Director of Cooper Parry Corporate Finance, said: âWe are delighted to have supported the Meater team in this historic agreement with Traeger.
âWorking with such innovative and high growth companies – like Apption Labs – is what we’re proud of.
âThe company’s growth journey over the past few years has been nothing short of phenomenal and a testament to the hard work of every member of the Apption team.
“We are incredibly proud to have supported this transaction and wish the team every success as they embark on the next phase of their growth journey.”