Scandinavian Tobacco Group (STG) has announced the acqusition of all brands belonging to US-based cigar firm Torano Family Cigar Company. The transaction, the terms and conditions of which were not disclosed, will see Scandinavian Tobacco acquire the entire Torano Family portfolio, assuming responsibility for ownership and distribution.
STG said the acquisition would strengthen the position of General Cigar, a wholly-owned subsidiary of STG and the US market leader for handmade cigars.
Anders Colding Friis, CEO Scandinavian Tobacco Group, declared: “We are excited about this bolt-on acquisition to General Cigar. Toraño Cigars is a strong brand and supports General Cigar’s stable sales and cash flow. With General Cigar’s national sales in the US, vast tobacco library and talented team of tobacco masters, General Cigar is well-positioned to grow the brand”. He added: “The Toraño acquisition is an example of how we leverage our business platform and grow market share. We are pleased with welcoming Toraño to our Group and are looking forward to taking the brand to new heights”.
As a result of the deal, Torano Family Cigar Company will no longer exist. Charlie Torano, former brand owner and Torano president, was recently reported as saying: “They bought all the brands and stepped into my shoes, General is a full-fledged distribution company. Toraño Family Cigar Company is now in a winding-down phase. We existed to distribute the Toraño cigars that we had manufactured for us. Now that General owns the brands, there’s no longer a function for Toraño Family Cigar”.
Source: STG / Cigar Aficionado