Holland & Knight Represents Huabao International Holdings in $23 Million Investment in Miami E-Cigarette Company
MIAMI (January 19, 2016) – Holland & Knight advised High Praise Enterprises, a subsidiary of Huabao International Holdings Limited, a company listed on the Hong Kong Stock Exchange, in the acquisition of a controlling interest in Miami-based VMR Products, an e-cigarette design, manufacturing and distribution company. The deal, which totaled $23 million, was finalized on Dec. 14.
Huabao is one of the 10 largest flavor and fragrance companies in the world and recently launched its own brand of e-cigarette.
VMR Products will use the investment to fuel future growth domestically, where the company is the number-one retailer on the Internet and its products are distributed in more than 55,000 stores, as well as internationally, specifically in China, Hong Kong and Taiwan. VMR corporate headquarters will remain in Miami, and there will be no changes to the management team or management structure.
Holland & Knight Miami-based partner Roberto Pupo and senior counsel Fabian Pal led the firm’s representation in the matter.