Blackstone to Become Publicly Traded Company through Business Combination with Ackrell

Blackstone Products, an innovative company that is redefining the outdoor cooking experience with griddle cooking appliances and accessories, and Ackrell SPAC Partners, a publicly traded special purpose acquisition company, announced they have entered into a definitive business combination agreement that will result, subject to the satisfaction or waiver of certain closing conditions, in Blackstone becoming a public company.

Upon closing, the combined company will be renamed Blackstone Products Inc. and expects to apply to be listed on the Nasdaq under the new ticker symbol “BLKS.” The combined company is expected to be led by Roger Dahle, founder and CEO of Blackstone.

Griddle cooking is redefining the expanding outdoor cooking market by providing consumers with a faster, more convenient and versatile cooking experience as opposed to the more traditional cooking methods offered by charcoal, gas, and pellet grills.

Since launching its first griddle design in 2008 with its core 36-inch griddle, Blackstone products have been empowering home chefs of all skill levels to cook outdoors for breakfast, lunch and dinner. By allowing consumers to cook outdoors more often and for more meal occasions, griddling has higher customer engagement than other outdoor cooking styles allowing Blackstone to rapidly penetrate the traditional outdoor cooking market and to expand the overall category.

Investment highlights include:

  • Dominant Position in the Griddle Category – Blackstone created the market of at-home outdoor griddle cooking, commanding 80 percent of the U.S. market share with strong category growth.
  • Lifestyle Brand with Passionate and Engaged Consumer Community – Blackstone is an enthusiast brand with a passionate and engaged customer base featuring one of the largest social media communities in the industry.
  • Driver of New Product Development – Blackstone is driving category innovation with a strong pipeline of products and features. Blackstone has 24 patents (31 pending) and five new product lines in development.
  • Proven Go-to-Market Strategy – Blackstone has long-term relationships with key retailers, including Walmart, Lowe’s and Amazon. Retail channels are complemented with direct-to-consumer sales.
  • Strong Historical Financial Performance – Blackstone has strong historical top-line growth with a 72 percent revenue CAGR from 2016 to 2020 generating 98 percent free cash flow conversion in 2020.
  • Significant White Space for Growth – Blackstone has future growth prospects driven by strategic initiatives, such as increasing market penetration and expanding internationally.