Norwest Equity Partners, a middle market investment firm, has made a significant investment in recteq, a designer, marketer, and direct seller of premium pellet grills, accessories, and other consumable products.
Sundip Murthy, NEP partner, stated, “recteq is another great addition to our consumer products portfolio. The NEP team has tremendous ability to work with high-growth, founder-owned businesses and we are excited about our partnership with Ron, Ray and the rest of their management team. They’ve built an outstanding lifestyle brand with a culture of innovation that is well positioned for continued growth.”
“The precise delivery of temperature and control provided by recteq grills offers an unparalleled grilling experience. As pellet grills continue to take a greater share of the grill market, recteq has multiple areas to grow and win with further product, channel, and geographic extensions. The Company’s suite of products has a reputation and loyalty that is unsurpassed in the entire grill market,” shared Tony Armand, NEP partner.
Jefferies LLC advised recteq on the transaction. Winston & Strawn LLP was legal advisor to NEP. PennantPark and First Midwest Bank provided debt financing. Norwest Mezzanine Partners and Yukon Partners provided subordinated debt financing.