MINNEAPOLIS (February 9, 2021) — Yukon Partners (“Yukon”), a provider of mezzanine capital for middle market private equity transactions, is pleased to announce that it has partnered with Norwest Equity Partners (“NEP”) and Norwest Mezzanine Partners (“NMP”) to support an investment in recteq (or the “Company”).
recteq is a designer, marketer, and direct seller of premium pellet grills, accessories, and other consumable products. The Company’s product innovation, direct-to-consumer distribution model, long-standing supplier relationships, and top-notch customer service position recteq as a premium brand in the pellet grill space. recteq’s authentic, influential brand also contributes to customer passion and loyalty for all its product offerings. recteq customers are the Company’s best advocates and help drive organic product awareness.
Michael Hall, Managing Partner of Yukon, stated, “We are excited to partner with NEP and NMP again, as well as the recteq management team. recteq’s premium products and superior customer service have cemented recteq as a leading, aspirational brand in the fast-growing pellet grill segment.” He added, “NEP brings a strong track record of working with founder-owned consumer businesses and will be a value-added partner for management in the next phase of the Company’s growth.”
“On behalf of NEP and NMP, we are delighted to again work collaboratively with our friends at Yukon. This investment continues our decades long partnership. We look forward to supporting recteq’s continued expansion,” shared Tony Armand, NEP Partner.
recteq is a designer, marketer, and direct seller of premium pellet grills, accessories, and other consumable products. Co-founded in 2009 by Ron Cundy and Ray Carnes, recteq prides itself on creating superior products and providing best-in-class customer experience. recteq’s continued technology-driven product innovation, direct-to-consumer distribution model, and top-notch customer service position recteq as a premium brand in the pellet grill space. To learn more, visit www.recteq.com.
About Yukon Partners
Yukon Partners is an independent and unaffiliated junior capital provider, primarily serving middle market private equity sponsor led business transactions in the U.S. and Canada. The transactions in which Yukon invests include buyouts, growth and platform strategies, recapitalizations, mergers/acquisitions, and public-to-private buyouts. Yukon typically invests up to $50 million per transaction and currently manages approximately $1.6 billion across four funds. Yukon Partners has offices in Minneapolis, Minnesota and Boston, Massachusetts. For more information, please visit www.yukonpartners.com.
About Norwest Equity Partners
Founded in 1961, Norwest Equity Partners is a leading middle market investment firm that invests equity capital in companies that are leaders in their industry, with proven business models that demonstrate the ability to generate profits. NEP has extensive experience with management buyouts, recapitalizations and growth financings, including working with founder and family-owned companies. Targeted equity investment size range for each transaction is $30 – $250 million and focus industries for investment opportunities include agriculture, business services, consumer, distribution, industrials, energy, and healthcare. Raising more than $7 billion in capital over the years, NEP is currently investing NEP X, a $1.6 billion fund. More information can be found on www.nep.com.
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