U.S. Barbecue specialty retail giant-Barbecues Galore officially closed its doors and sold to Taipei's Grandhall Enterprise Co, the fourth largest grill supplier in the U.S., with 6% market share. The company supplies OEM products to large retailers such as Sears and Sams Club. It is estimated that Grandhall is about $170 m in revenue, and claims it will grow into a $1 billion business by 2010. See newswire below.
Barbeques Galore, Inc. Closes Sale of Substantially All Assets to Grand Hall After United States Bankruptcy Court Approval
LOS ANGELES, Sept. 15 /PRNewswire/ -- Barbeques Galore, Inc. announced today that it has closed the sale of substantially all of the assets to Grand Home Holdings Inc., a newly formed entity owned by Grand Hall Enterprise Co., Ltd., the largest BBQ grills manufacturer in Taiwan, one day after receiving bankruptcy court approval for the sale of its assets pursuant to Section 363 of the U.S. Bankruptcy Code.
The sale was for an aggregate purchase price equal to $15.0 million in cash consideration, including assumption of at least 31 stores in Texas, California and Arizona and the right to designate additional stores for assumption within the next three months.
"Grand Hall has more than 30 years of experience in manufacturing barbeque grills, and we are delighted at the opportunity to acquire the only retail chain of barbeque grills in the United States," said William Home, chairman & CEO of Grand Hall.
"We believe this acquisition creates a new chapter for the Barbeques Galore concept. The acquisition by Grand Hall returns the business to its original 'roots' as a world-class manufacturer, retail and distribution company. The strength of the business plan will allow Barbeques Galore to continue its leadership in innovative products and will allow the company to continue to take care of its valued customers and employees for many years to come," said Jeffery R. Sears, CEO of Barbeques Galore.
About Barbeques Galore www.bbqgalore.com
Barbeques Galore is the world's largest specialty retailer of barbeques and barbeque accessories. The first Barbeques Galore opened its doors in 1980 in the United States and has serviced its customers for over 28 years. The company features its own line of grills and continues to represent world-class brands such as Weber, Lynx, Viking and Twin Eagles. These grills have, over the years, won over backyard grillers across the country with their quality construction, attention to detail and durability.
About Grand Hall www.grandhall.com
Grand Hall, established in 1976, is principally engaged in manufacturing gas grills, as well as related appliances and components. The Company's major products include barbeque gas grills, gas valves, indoor/outdoor heaters and gas water heaters. The Company distributes its products in Asia, the United States, Australia, Europe and Africa. Grand Hall's securities are publicly traded on Taiwan's Over-the-Counter market (Gretai: 8941).
Barbeques Galore, Inc.
CONTACT: Tim Chang of Barbeques Galore, Inc., +1-626-308-9882
Web site: www.bbqgalore.com
www.grandhall.com
