Turning Point Brands To Acquire Solace Technologies In $15.25M Deal

Turning Point Brands Inc (NYSE: TPB) will acquire the assets of Solace Technologies for $15.25 million.

Solace is a product development company that has established itself as an e-liquid brand in the vapor industry. Solace assets and team will be combined with Turning Point Brands’ Nu-X Ventures division, led by Graham Purdy. As part of the transaction, Nu-X Ventures will establish a headquarters in Southern California.

“This transaction will enable our team to build a sustainable and scalable future for the various customers and distributors who rely on Solace products. We look forward to continuing to innovate and transform the alternative products industry in coming years,” said Lorenzo De Plano, co-founder of Solace Technologies.

Turning Point Brands shares closed Thursday's session higher by 4.8% at $54.69.

Related Links:

Barrick Gold Will Acquire Tanzania-Based Acacia Mining For $428M

Prologis Buys Black Creek's Platform For $3.9B