Turning Point Brands Acquires Unitabac Cigar Portfolio For Undisclosed Sum
- Turning Point Brands Inc (NYSE: TPB), a branded consumer products manufacturer, has acquired the cigar assets of Unitabac LLC for an undisclosed sum.
- The deal includes the portfolio of cigarillo products and all related intellectual property, including Cigarillo Non-Tip (NT) Homogenized Tobacco Leaf (HTL), Rolled Leaf, and Natural Leaf Cigarillo Products.
- "Industry analysts have highlighted that the multibillion-dollar cigarillo market growth is being fueled, in part, by the rapidly expanding movement toward cannabis legalization. Gaining access to Unitabac's product portfolio provides us with necessary assets to build a more competitive platform to participate in this large and growing market," said CEO Larry Wexler.
- The company held $167.4 million in cash and equivalents as of March 31, 2021.
- Price action: TPB shares are trading higher by 1.16% at $46.08 on the last check Monday.
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