UK-Based Imperial Brands to Acquire Black Buffalo

UK-based Imperial Brands PLC has announced the acquisition of Black Buffalo, “broadening and strengthening its portfolio in the evolving United States oral nicotine category.” Black Buffalo will become part of the Imperial Brands portfolio effective immediately, and the Black Buffalo team will join the Imperial Brands team. The companies said the transaction is for initial consideration of $150 million with an additional deferred sum based on performance over three years and other criteria.

“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,” Imperial Brands 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,” Mark Hanson, co-founder and president of Black Buffalo said.

Black Buffalo is manufactured in North Carolina from U.S.-grown, barn-cured leafy greens, with pharmaceutical-grade nicotine and food-grade flavor added.

Imperial Brands PLC, headquartered in the UK, is a global consumer goods organization and says it is “the fourth largest international tobacco company.”

Between 2023 and 2024, non-tobacco products (vapor and modern oral) grew from 12.7% to 17.6% of all nicotine sales according to data from Management Science Associates. Read more about nicotine innovations in the January 2025 issue of NACS Magazine feature “Seeing Through the Smoke.”

Mergers and acquistitions