Benzinga | Jul 14, 2021 06:01PM EDT

Peyton & Eli Manning Investment BBQGuys Exploring SPAC Merger

A barbecue retailer backed by one of the most famous brother duos in NFL history could announce a SPAC merger soon.

What Happened: BBQGuys is exploring a SPAC merger with Velocity Acquisition Corp (NASDAQ:VELO), according to Bloomberg.

BBQ Guys sells grills, outdoor kitchens and accessories online. The deal could value the company at $900 million, according to Bloomberg sources. Brands sold include Blaze, Magma, Traeger and Weber.

Revenue for BBQGuys is up 40% annually through the last three years and hit $250 million in 2020, according to Bloomberg.

Velocity raised $230 million in February with a plan to target a company in the technology or digital services and platforms field.

Related Link: The SPAC Investment That Bill Gates, Peyton Manning Have In Common

Why It's Important: The Manning family, including brothers Peyton and Eli and father Archie Manning, are minority investors in BBQGuys and can be featured in the company's advertisements.

BBQGuys recently announced Peyton and brother Cooper as new brand ambassadors in several funny prank "fan mail" videos.

"Whether you're looking for someone born to play football or someone born to grill, we have you covered," Peyton said in a press release.

Barbecue brands Weber and Traeger have both filed for IPOs later this year, which could boost the investment opportunities in the growth of barbecue equipment.

Price Action: VELO shares closed up 2% to $9.84 on Wednesday. Shares hit an all-time high of $10.85 on the rumor.