MIAMI, FL, Dec. 14 (Korea Bizwire) – VMR Products, a leading electronic cigarette and vaporizer company, announced today a $23MM investment by Huabao International Holdings, a diversified holding company with significant interests in flavors and fragrances. This is the first major investment VMR has accepted since the company was founded in 2009.
The investment will be used to fuel future growth domestically — where the company is the number one retailer on the Internet and is distributed in more than 55,000 stores — as well as internationally, specifically in China, Hong Kong and Taiwan, which collectively house over 355 million smokers according to the World Bank. Much like its strategy in the US, VMR will first tackle these new markets online and then expand on the ground into retail locations.
“Huabao is the perfect match for us,” stated Jan Verleur, CEO and co-founder of VMR. “We knew there were many potential partners out there who could provide us with growth capital, but only a precious few who shared our vision for growing in Asia and could also provide the operational assistance to help us execute our strategy.”
Huabao is one of the ten largest flavor and fragrance companies in the world, and has deep interests in vapor technology, recently launching its own brand of e-cigarette, Stand Point Vapor (SPV).
“We will work closely with Huabao and SPV to introduce new vapor technologies in both the US and Asia markets. While the US remains our most important market, and of course our home base, Huabao’s investment allows us to put considerable focus on the significant opportunities in China, and ultimately the Asian market as a whole,” continued Verleur. VMR corporate headquarters will remain in Miami, and there will be no changes to the management team or management structure.
Founded in 2009, VMR Products is a global force in the vapor products industry. The company’s flagship brands; V2®, V2 Pro®, Vapour2™, and Vapor Couture™, are sold in more than 30 countries. VMR designs, produces, distributes and supports an expanding catalog of quality products, and is an OEM manufacturer for a long list of private-label brands, including Zig-Zag®, OCB®, ECG®, QuickDraw®, and SPV®. VMR is the only electronic cigarette company to employ a vertically integrated business model, managing its entire product life cycle to ensure the highest commitment to quality control and customer service.
V2.com®, is the world’s highest volume online retailer of electronic cigarettes and personal vaporizers, and has maintained this position since 2011. The company has distinguished itself as an industry leader with its ever-expanding product lines, powerful vapor production and great taste.
About Huabao Holdings
Huabao International Holdings Limited is a diversified holding corporation with major business in the research and development, production and sale of flavors and fragrances for tobacco, food and personal care products. Headquartered in Shanghai, the company has over 40 subsidiaries in five countries and 19 cities. It is one of the top ten flavor and fragrance companies in the world, with a leading market capitalization among listed flavor and fragrance companies in Asia.
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• PR Contacts:
Crenshaw Communications for VMR Products
Source: VMR Products via Marketwired