E-cigarette brand Supreme has agreed to sell the intellectual property rights of its e-cigarette oil brand T-Juice to a French wholesaler for €4.5m.
Supreme will retain the exclusive manufacturing rights of T-Juice and plans to achieve a revenue of €15m within five years.
The French wholesaler, which manufactures, licenses, and distributes a range of fast-moving consumer goods, has formed a strategic partnership with La Vape Professional Distribution (LVP), one of the largest wholesalers of e-cigarettes and e-liquids in France.
Supreme said the agreement allows it to focus on its core manufacturing technology and margin expansion while simplifying costs.
At the same time, LVP has an extensive and well-established distribution channel, which takes full advantage of the brand's growth in Europe.
Supreme CEO Sandy Chadha said, "Not only does this deliver a significant return on our initial investment, but we have secured a highly lucrative five-year manufacturing agreement, which ensures Supreme remains well positioned to fully capitalize with LVP on their established European market presence and sales footprint."
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