Sidley Steers Go-Public SPAC Deal for Eli Manning-Backed BBQGuys

July 22, 2021, 10:55 AM

Sidley Austin advised BBQGuys, an e-commerce platform for grills and related products, on its go-public merger with a special purpose acquisition company.

Winston & Strawn advised the SPAC, Velocity Acquisition Corp., on the transaction, which places the combined company at a pro forma equity value of $963 million, according to a statement.

After the expected fourth-quarter close, the company will be listed on the Nasdaq under the new ticker symbol “BBQG.”

Founded in 1998, Baton Rouge, La.-based BBQGuys is backed by private equity firm Brand Velocity Partners with other investors including former National Football League stars Eli Manning, Peyton Manning, and their father, Archie Manning.

BBQGuys had $264 million in revenue in 2020 and has had 43 consecutive quarters of “year-over-year top-line growth,” the statement said.

“At Velocity, we set out to find a generational asset in the digital transformation space, where our branding and digital expertise could be highly additive, and we found everything we were looking for in BBQGuys,” said Velocity founder Doug Jacob.

To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com

To contact the editor on this story: Chris Opfer in New York at copfer@bloomberglaw.com John Hughes in Washington at jhughes@bloombergindustry.com Rebekah Mintzer in New York at rmintzer@bloomberglaw.com

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