9th Aug 2022 11:40
Supreme PLC - Manchester-based battery, lighting and vaping manufacturer and distributor - Agrees to buy the trade and assets of vaping manufacturer Cuts Ice Ltd and e-liquid developer and regulatory compliance business Flavour Core Ltd, for undisclosed sums. Says the acquisition is in line with its strategy to support a "tobacco free society by offering both credible and safer alternatives for nicotine consumption". Supreme also says the purchase will be immediately earnings enhancing at an adjusted earnings before interest, tax, depreciation and amortisation level for the company.
Chief Executive Officer Sandy Chadha says: "We continue to see significant growth from within our vaping activities and see this transaction as an excellent example of how we can continue to add both scale and expertise into the group."
Cuts Ice has developed a vape brand called 'T Juice' and a growing European sales footprint, while Flavour Core produces vape-grade flavour concentrates. Both firms are expected to be "fully integrated into Supreme's wider Vaping division", the company notes.
Current stock price: 104.69 pence, up 3.1%
12-month change: down 50%
By Xindi Wei; [email protected]
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