Victory Electronic Cigarettes (ECIG) and Alabama-based FIN Branding Group have completed the merger of their two businesses.
The merger agreement, which was initially signed in February 2013, is part of Victory’s global market consolidation strategy and is expected to drive both operational and financial benefits, with annual revenues expected to cross $100m.
While Victory manufactures and sells electronic smoking devices, FIN Branding distributes electronic cigarette brands in all the 50 US states across more than 50,000 outlets.
The newly merged entity will continue to be headed by Brent Willis, who will serve as chairman and CEO of the combined enterprise.
Willis said FIN has a tremendous sales organization and tremendous leadership in Elliot Maisel.
"The business addition enables leverage of a superior position versus most other independent competitors in the United States, and the leadership addition broadens our base of world-class people committed to creating the industry leader," Willis added.
FIN Branding Group’s chairman and CEO Elliot B Maisel will become the vice-chairman and lead director of the new firm.
Maisel said their teams have rapidly come together to combine forces, capture immediate synergies, and build the culture of their new enterprise.
"With our scale, resources, brands and multiple other competitive advantages, I am extremely confident that our company will become the global market leader in this very exciting industry," Maisel added.