Imperial Brands acquires Black Buffalo to strengthen U.S. portfolio

Black Buffalo produces tobacco alternative long cut and pouch products.

Imperial Brands has acquired Black Buffalo, a modern oral nicotine company based in North Carolina, expanding its presence in the evolving U.S. oral category beyond its existing zone nicotine pouch range.

Founded in 2015, Black Buffalo produces tobacco alternative long cut and pouch products designed for adult consumers of traditional moist smokeless tobacco (MST). Using a proprietary farm-to-can process, the products are manufactured from U.S.-grown barn-cured leafy greens with pharmaceutical-grade nicotine and food-grade flavoring, replicating the taste and ritual of conventional MST without tobacco leaf or stem.

The deal, valued at an initial $150 million with additional deferred payments tied to performance over three years, will see the Black Buffalo team join Imperial Brands. The company said the transaction is consistent with its capital allocation policy for bolt-on acquisitions.

"This acquisition reflects our disciplined and focused approach to building a stronger next generation product portfolio in markets where we see attractive long-term growth opportunities," said Lukas Paravicini, CEO of Imperial Brands.

Kim Reed, President and CEO of U.S. subsidiary ITG Brands, said the acquisition broadens the company's oral portfolio beyond nicotine pouches and expands the range of products available to adult consumers.