Traeger Pellet Grills Holdings, LLC

Lifestyle Brand & Technology Disrupts Grill Market

In 2017, AEA’s Middle Market Private Equity (“MMPE”) fund invested in Traeger Pellet Grills Holdings, LLC (“Traeger”), a leading designer and marketer of premium outdoor cooking products including wood pellet grills, wood pellets, and related cooking accessories such as sauces, cooking hardware and apparel.

AEA MMPE identified Traeger as an opportunity to continue the disruption of an industry with an innovative, market-leading product and develop the brand into a broader lifestyle platform. The company has an authentic brand heritage of 30+ years and is the leader in the wood pellet market with an organic community of loyal followers called the Traegerhood. AEA MMPE partnered with CEO Jeremy Andrus since 2017 to continue to invest in the brand and product and also supported the company in attracting and adding talent across key functional areas to enable the strong growth of the business as well as enhance supply chain capabilities and customer service. Throughout our investment, AEA MMPE collaborated with management on an effective distribution strategy to ensure a disciplined approach to growth with existing retail partners and to meet demand for product placement at new retailers. Traeger continues to drive innovation in grill technology with enhanced features that address consumer pain points and in 2021 completed its IPO. This IPO would not have been possible without the leadership and vision from CEO, Jeremy Andrus, and the dedicated efforts from the entire management team.

Created Value


Growing household penetration meaningfully from current 3% nationwide, have achieved 15% in target, representative markets


Grew unaided brand awareness to 10% nationwide as of 2021 through focused marketing initiatives


Investments in the Company’s digital presence increased Traeger social media followers to 1.6 million, the largest of any grilling brand


Original recipes created for Traeger’s digital recipe library following launch of the Company’s redesigned app in 2019, increasing community engagement


Launched Traeger kitchen Live in 2020, a livestream with 100,000 weekly views, driving increased grill usage and lifetime value among Traeger users

Portrait of Jeremy Andrus

“I met AEA in 2016 when I was looking for a new partner to continue the disruption of the cooking industry and building of Traeger as a lifestyle platform overall. We valued AEA’s passion for our product and community, and their unique experience in brand building and thoughtful approach to channel strategy. Our partnership has extended across their organization and network to include operators with specific expertise in retail distribution, talent acquisition, supply chain, and finance. This support has been a helpful enabler of growth for us both organically and with accretive acquisitions in new accessory categories. It has been an absolute pleasure working with a team that really understands and embraces our mission.  Their credibility and integrity is unmatched and I’m thankful to call AEA not only trusted advisors but also great friends.”

Jeremy Andrus
Chief Executive Officer, Traeger Pellet Grills Holdings, LLC