Imperial Brands boosts smokeless portfolio with Black Buffalo purchase
Imperial Brands PLC on Wednesday strengthened its US oral nicotine portfolio with the acquisition of Black Buffalo.
The Bristol-based owner of the Davidoff and Gauloises cigarette brands, as well as Rizla rolling paper and blu e-cigarettes will pay an initial $150 million with an additional deferred sum based on performance over three years.
Established in 2015, Chicago-based Black Buffalo manufactures smokeless tobacco alternative products which are sold in-store and online.
Imperial Brands Chief Executive Officer Lukas Paravicini said the deal reflects an approach to ‘building a stronger next generation product portfolio in markets where we see attractive long-term growth opportunities.’
‘Black Buffalo is a strong, challenger brand with a highly differentiated proposition and complements our broader growth strategy,’ he added.
Imperial Brands said the acquisition is consistent with its capital allocation policy to invest in the business strategy through bolt-on transactions and it remains committed to an ongoing multi-year share buyback program.
Shares in Imperial Brands fell 0.1% to 2,786.00 pence each in London on Wednesday.
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