Combining Black Buffalo’s clearly defined brand and differentiated products with Imperial’s commercial infrastructure and sales execution capabilities will enable greater choice for legal adult consumers seeking alternative non-combustible oral products as part of broader tobacco harm reduction efforts, while supporting accelerated revenue growth.
Lukas Paravicini, Chief Executive Officer of Imperial Brands said: “This acquisition reflects our disciplined and focused 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.”
Kim Reed, President and Chief Executive Officer, ITG Brands, US subsidiary of Imperial Brands PLC, said: “The oral category continues to evolve rapidly, and this acquisition further strengthens our ability to compete and grow across differentiated segments. Black Buffalo broadens our oral portfolio beyond nicotine pouch offerings and expands the range of products we can offer legal adult consumers.
“We look forward to deploying our best-in-class sales execution, retail relationships and nationwide commercial infrastructure to reach new Black Buffalo consumers and accelerate long-term growth.”
Mark Hanson, Co-founder and President of Black Buffalo, said: “Black Buffalo was built on innovation, deep consumer insights and a commitment to differentiated alternatives for adult consumers. We are excited about the opportunity with our new colleagues to combine our brand and product expertise with their scale, resources and commercial capabilities.”
As part of the transaction, the Black Buffalo team will be joining the Imperial Brands team.
The transaction – for an initial consideration of $150 million with an additional deferred sum based on performance over three years and other criteria – is consistent with Imperial’s capital allocation policy to invest in the business strategy through bolt-on transactions. The company continues to be committed to an ongoing multi-year share buyback program.
Black Buffalo products are intended only for legal adult consumers. Imperial Brands remains committed to responsible marketing practices and youth access prevention across their product portfolios.
Effective immediately, Black Buffalo will become part of the Imperial Brands portfolio.
Imperial Brands PLC was advised on this transaction by Morgan Stanley & Co. International PLC, KPMG LLP and White & Case LLP. Black Buffalo was advised on this transaction by Goldman Sachs & Co LLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP.
About Imperial Brands
Imperial Brands PLC, a FTSE 100 company headquartered in the UK, is a global consumer goods organisation and the fourth largest international tobacco company.
Our core tobacco business is built around a comprehensive portfolio of local and international cigarette brands and other tobacco products and smoking accessories available in 120 markets worldwide.
Aligned with our purpose to forge a path to a healthier future for moments of relaxation and pleasure, we are also committed to building a sustainable next generation product (NGP) business, offering smokers a targeted range of potentially less harmful alternatives to traditional tobacco products. For more information visit imperialbrandsplc.com.
About ITG Brands
ITG Brands Holdpartner LP and its affiliates constitute the third-largest market share in its sector and are US subsidiaries of Imperial Brands PLC. They are part of a rich heritage of winning in the marketplace through forward thinking and operational integrity. For more information, visit itgbrands.com.
About Black Buffalo
Black Buffalo has created America's leading smokeless tobacco alternative products, backed by over 25,000 hours of research and development. The Company is a four-time recipient of the Inc. 5000 Fastest-Growing Private Companies in America award (most recently in 2025), and Black Buffalo has won major Best New Product awards from the convenience trade.
Black Buffalo smokeless tobacco alternative products are sold in-store and online. To learn more about Black Buffalo, visit the Company's website or use the Company's store locator to find Black Buffalo products at a local retailer near you. Interested retailers may contact retail@blackbuffalo.com to learn more about Black Buffalo. Interested brand / marketing partners may contact marketing@blackbuffalo.com.
Certain Black Buffalo smokeless tobacco alternative products contain pharmaceutical-grade, tobacco-derived nicotine, which is an addictive chemical, and all of Black Buffalo's products are intended for adults aged 21 and older who are consumers of nicotine or tobacco.
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