Deals
BBQGuys, Backed by Eli and Peyton Manning, Inks $963 Million Velocity SPAC Deal
- Online marketplace’s revenue to eclipse $320 million this year
- Company sells its own brands and others like Weber, Traeger
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BBQGuys, an e-commerce platform for grills and related products backed by retired American football stars Eli Manning and Peyton Manning, has agreed to go public through Velocity Acquisition Corp., a blank-check firm.
The transaction values the combined entity at $963 million, and sets up the Baton Rouge, Louisiana-based company for future growth, Velocity founder Doug Jacob and BBQGuys CEO Russ Wheeler said in a joint interview. Existing BBQGuys investors including private equity firm Brand Velocity Partners and others including NFL veterans Archie Manning, LaDainian Tomlinson and Steve Hutchinson are slated to own about 71% of the combined entity.