Big news today in the cigar world (you might already have heard the rumors if you follow the blogosphere closely...). Swisher International Inc. has just announced that they have entered into a purchase agreement with the Drew Estate Tobacco Company. Swisher International is one of the world’s leading tobacco manufacturers, best known for their top-selling brand Swisher Sweets. Drew Estate was founded in 1996, but quickly has grown into one of the world’s most successful cigar companies and is very well known among lovers of premium cigars for brands like My Uzi Weighs a Ton and Liga Privada. As a subsidiary of Swisher, Drew Estate will continue to operate under its current management team. The merger was a decision made for the mutual benefit of both companies.
Speaking about the acquisition of his company by Swisher, Jonathan Drew, co-founder of Drew Estate, stated, “This is a dream come true. 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.”
Swisher President and CEO Peter Ghiloni commented, “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.”
This early on in the merger, the details of the transaction have yet to be disclosed. We do know at this point though that the transaction is expected to close during Q4 2014. Stay tuned for more updates as the year unfolds.