Radcliffe e-cigarette firm sells for £30 million
AN American company has bought out a Radcliffe e-cigarette manufacturer in a deal worth almost £30 million.
VIP Electronic Cigarette, based in Dale Street Industrial Estate, was snapped up by Victory Electronic Cigarette Corporation on Tuesday for more than $50 million.
The company, launched in 2009 by co-founders Miguel Corral and David Levin, is one of the leading e-cigarette companies in England and holds the number one market position in Ireland.
Over the past four years it has sold appliances and liquids in major retailers and supermarkets across the UK.
Mr Corrall said everyone at VIP was excited to join Victory and create the largest independent electronic cigarette company in the world.
He added: “We knew that to effectively compete in the next phase of this industry that we would need to partner with someone that shared our same vision and would facilitate us to achieve our long-term objectives.
“We chose Victory because they have the people, the resources, and infrastructure that when combined with our team, will enable us to accomplish our vision – now just on a global basis, and now much faster.”
Brent Wills, chairman and chief executive officer of Victory, said the company was a "high potential franchise" which would strengthen his company’s hold on the e-cigarette market.
He added: “Of all the electronic cigarette companies, VIP was the most profitable company as a percentage of sales of any ecig firm we have seen worldwide.
“Their product portfolio, premium brand, and distribution approaches have global potential and we intend to heavily invest in expanding their distribution model and product portfolio.”
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