Palatine-based Weber-Stephen Products Co., maker of charcoal and gas grills, said  BDT Capital Partners LLC has agreed to acquire a majority interest in the Weber business through a newly formed partnership with the Stephen family.

“This partnership with BDT Capital Partners allows us to continue to invest in the business, produce innovative, high-quality products, deliver strong customer service and build upon the global strength and heritage of the Weber brand,” said James  Stephen, second generation chief executive of Weber-Stephen Products Co.

Byron Trott, chief investment officer for BDT, called Weber “a dynamic company with an incredible family legacy, an iconic brand, dedicated employees and a talented management team.” Trott is a former Goldman Sachs banker who has worked closely with billionaire Warren Buffett.

“We are excited to partner with the Stephen family and the Weber management team to continue to build upon the strength of the business in the U.S., Europe and Australia and grow the brand in other key markets around the world,” Trott added.

The Stephen family will keep the four Weber-branded restaurants. Additional terms weren’t disclosed. BofA Merrill Lynch acted as financial adviser to Weber. The deal is expected to close this month.

BDT has a $2 billion investment fund.