NEW YORK--(BUSINESS WIRE)--Standard Diversified Inc. (NYSE American:SDI) announced that its majority-owned subsidiary, Turning Points Brands, Inc. (NYSE: TPB), an industry leading provider of NewGen Products and Other Tobacco Products, has acquired International Vapor Group, Inc., a seller of a broad array of proprietary and third-party vapor products direct to adult consumers via a best-in-class online platform and in retail stores under brand names, such as VaporFi, South Beach Smoke, and DirectVapor. The company was founded in 2012 and is headquartered in Miami Lakes, Florida.
TPB values the acquisition of IVG at $24 million and expects the transaction to be immediately accretive. According to TPB, for the twelve-month period ended June 30, 2018, IVG had revenue of approximately $47.7 million.
TPB President and Chief Executive Officer, Larry Wexler, commented, “IVG has played an important role in shaping the vaping industry since its inception through its commitment to the consumer experience with a world class B2C infrastructure.”
About Standard Diversified Inc.
Standard Diversified Inc. is a holding company that owns and operates subsidiaries in a variety of industries, including other tobacco products, insurance and outdoor advertising. For more information about the Company, please visit the Company’s website at www.standarddiversified.com.
