I don’t know why these cookers are referred to as grills. By definition they are not grills. Grilling involves cooking with direct heat and none of the pellet cookers I’ve seen use direct heat; they all use indirect heat. They are more accurately described as smokers/convection ovens. For me what this means is they’re useless for cooking chicken since I like my chicken cooked with crispy/burned skin. I’ve done some experimenting to get the skin to crisp up but always end up with leather skin. They have their place in outdoor cooking but grilling ain’t it. I just bought a Green Mountain and I’m still debating if I’m going to hang on to it. Shame on me for not doing more thorough research first.
Vista Outdoor will pay a total purchase price of $74 million for Camp Chef, comprised of $60 million in cash paid at closing and $14 million in cash to be paid out in equal installments on the first, second and third anniversaries of the closing date, subject to certain conditions described below. However, the effective purchase price is lower, due to value created by certain tax assets resulting from the transaction and the deferred purchase price structure, leading to an effective multiple of approximately 6.4x Camp Chef's expected calendar year 2016 EBITDA. Vista Outdoor financed the purchase price paid at closing using borrowings under its existing revolving credit facility. Vista Outdoor expects the acquisition to be slightly accretive to FY17 earnings per share (EPS), including impacts associated with transaction expenses. A majority of the payment of $14 million of deferred purchase price will be contingent on continued employment of key members of management and certain other conditions. As a result, Vista Outdoor plans to record the payments conditioned on continued employment as a compensation expense in future periods in accordance with GAAP. However, for purposes of presenting certain non-GAAP financial measures, including adjusted EPS, Vista Outdoor expects to treat those deferred payments as deferred purchase price and will therefore adjust the payments out of its financial results in future periods as payments are made. The purchase price will also be subject to a customary working capital adjustment. Additional information, including impact on full-year guidance, related to Camp Chef will be presented during Vista Outdoor's second quarter FY17 earnings call and webcast.
I spent months checking out Memphis, Fast Eddy, Mak, and Yoder grills. I must say the Yoder is by far the most robust pellet grill of them all. I noticed many reviews with 3 or 4 star ratings for price and I must disagree; fit, finish, build quality, and material robustness of the Yoder was better than the Memphis Pro & Elite...and we all know how expensive the Memphis is.
Pellet grills preheat quickly, so you can start cooking almost immediately, and the pellets are available in a number of woods, for different smoke flavors. The smoke has a subtle wood-fired flavor with less of the acrid flavor that comes from standard wood or charcoal. For the maximum smoke flavor, it’s best to cook at a temperature lower than 250 degrees, while higher temperatures cook faster with less smoke.