From Breakingviews - Deal whiz Byron Trott suffers minor grill burns
Trott’s then-fledgling BDT Capital Partners first bought control of Weber in 2010, and in August 2021 it became the firm’s first initial public offering, at $14 a share, for one of its majority investments. Weber capitalized on the pandemic-fueled outdoor living trend, but supply-chain and inflation woes took their toll and sent the stock price tumbling toward $5 a couple months ago.
BDT, which focuses on family-owned businesses, did not sell down its roughly 60% stake at the time of the IPO, or subsequently. Outside investors may nevertheless recall Trott buying low – 43% below the IPO price, valuing Weber at $3.7 billion – the next time the firm brings a portfolio company to market, and wonder if they’ll get burned. Tech firm says “you’re welcome” with $8 bln LBO
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