Masterbuilt Manufacturing, a portfolio company of Dominus Capital, has acquired Premier Specialty Brands (DBA Kamado Joe).
Kamado Joe is a designer, marketer and distributor of kamado style ceramic grills, charcoal and accessories. The company is headquartered near Atlanta in Duluth, GA (www.kamadojoe.com).
Kamado Joe’s founders, Bobby Brennan and Kerry Coker, reinvested alongside Dominus and Masterbuilt management in this transaction and will continue to participate in the business. “With tremendous opportunities ahead, Kamado Joe has reached an inflection point in our growth story. Our partnership with Dominus will provide the strategic and financial resources we need to become the clear kamado category leader and emerging lifestyle brand,” said Mr. Brennan.
The buy of Kamado Joe is the second add-on acquisition completed by Dominus Capital for Masterbuilt, a designer and marketer of outdoor cooking appliances including smokers, fryers, grills and other accessories in electric, propane and charcoal varieties. Masterbuilt was founded in 1973 and is headquartered in Columbus, GA (www.masterbuilt.com). Masterbuilt’s first add-on acquisition was the September 2017 buy of Smoke Hollow, a manufacturer of cooking products and accessories including gas, charcoal and pellet fired grills, and gas and electric smokers, from Neosho, MO-based Outdoor Leisure Products.
“We are extremely excited about what Kamado Joe brings to our combined business. Kamado Joe represents a best in class product with an equally impressive team behind it,” said John McLemore, President and CEO of Masterbuilt. “Masterbuilt’s scale, coupled with Kamado Joe’s innovation, will allow us to continue providing consumers and distributors with the most comprehensive suite of products for their cooking and grilling experience.”
Dominus Capital makes control equity investments in North American middle market companies that have at least $10 million of EBITDA. Sectors of interest include business services, consumer products and services, and light industrial. The firm was founded by Gary Binning, Bob Haswell, and Ashish Rughwani – all former Quad-C Management executives – in 2008. The group of founding partners was later joined by several CEOs of past portfolio companies that now serve as operating partners of the firm. Dominus Capital is headquartered in New York (www.dominuscap.com).
In January 2016, Dominus Capital held a final close of its second fund, Dominus Capital Partners II LP, at its hard cap of $400 million in limited partner capital commitments, higher than its fundraising target of $350 million and more than doubling its debut fund.
© 2018 Private Equity Professional | September 25, 2018
