Recteq Grills is announcing a major growth spurt as the company has signed an investment deal with Norwest Equity Partners (NEP) to acquire part of the company.
According to Recteq co-founder Ray Carnes, the company has humble beginnings in Martinez.
“We didn’t invent the technology,” says Carnes. “We just figured out how to build a better mousetrap, so to speak.”
Carnes and his co-founder Ron Cundy spent nearly two years in research and development before ever selling the first grill.
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“We wanted to build a grill that is strong as a tank and pair that with old school customer service,” Carnes explains. “We didn’t feel like we were in a race. We wanted to do it the right way.”
In its first year, the company sold only 90 grills, which retail between $549 to $2,519. The concept did not take long to take off. Carnes says the company now sells an average of 70,000 units per year.
The massive growth caught the attention of NEP, which looks for up-and-coming companies such as Recteq for investment. While the terms of the deal are undisclosed, Carnes says that NEP bought a significant chunk of the company.
“It is great for us because (NEP) are helping fund our growth but taking a backseat when it comes to day-to day-operations,” Carnes says.
Recteq currently has 140 employees at its Evans facility.
Scott Hudson is the Managing Editor of The Augusta Press. Reach him at scott@theaugustapress.com
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