JACKSONVILLE, Fla. -- Swisher International Inc. and Drew Estate Tobacco Co. have entered into a definitive purchase agreement whereby Swisher will acquire Drew Estate in its entirety.
As reported in a 21st Century Smoke/CSP Daily News Flash, Drew Estate will continue to operate under its current management team as a subsidiary of Swisher.
The companies expect the transaction to close during the fourth quarter of 2014. They did not disclose the terms of the transaction.
"As a global leader in the cigar and OTP [other tobacco products] categories, Swisher prides itself on developing, manufacturing and distributing the most innovative and high-quality tobacco products available. I see those same principles in Drew Estate," said Peter Ghiloni, president and CEO of Swisher.
"The products produced by Drew Estate and its distribution partners Joya De Nicaragua, Royal Agio Cigars and Tsuge pipes are top-quality market leaders in their respective segments. The creativity, passion and innovation of Drew Estate employees and management are a perfect match for Swisher, and we look forward to welcoming them to our family," he added.
"After the transaction closes, we will continue to run our business as we have in the past, and will be able to leverage the resources of Swisher to continue our growth," said Michael Cellucci, president of Drew Estate.
"We began under the Manhattan Bridge Overpass in Brooklyn, N.Y. … Friends, retailers, and consumers connected with our passion and authenticity, supporting us at each stage of our growth. We are eternally grateful to all of those who have helped build Drew Estate, and look forward to advancing the Drew Estate legacy with a great partner," said Jonathan Drew, co-founder of Drew Estate.
Drew Estate co-founder Marvin Samel said, "From the moment we met the team at Swisher and began speaking of a possible acquisition, it was clear that, as a family business, they understood the culture we have created and completely supported our desire to keep our family at Drew Estate intact. The team we have built in Miami and Nicaragua represents the heart and soul of 'The Rebirth of Cigars' and will continue to drive that vision into the future."
Drew Estate, based in New York, is a leader of the boutique cigar movement. In its Gran Fabrica Drew Estate, the Nicaraguan headquarters, Drew Estate produces a variety of brands such as ACID, Herrera Estelí, Kentucky Fired Cured, Liga Privada, MUWAT, Natural, Nica Rustica, Nirvana Cameroon Selection, Tabak Especial, UnderCrown, and Java by Drew Estate.
Jacksonville, Fla.-based Swisher is a tobacco manufacturer offering cigars, filtered cigars and smokeless tobacco brands including Swisher Sweets, King Edward, Optimo, BlackStone, Pom-Pom and Santa Fe cigars; Mail Pouch, Chattanooga Chew, Starr, Bowie and Lancaster chewing tobaccos, Silver Creek, Kayak and Redwood moist snuff and Navy and Railroad Mills dry snuff; as well as Kismet, Casino Gold HRS and Nirvana Cameroon Selection Premium Cigars through its Royal Gold Premium Cigars division.
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