Belgian cigar specialist J. Cortès has signed an agreement for the acquisition of Oliva Cigar Company, a US-based family business with branches in Miami and Nicaragua. The deal was closed on 30 June and is effective from 1 July 2016.
With this acquisition, J. Cortès said it aims to diversify its product portfolio and further establish its position in the worldwide market. The combined annual turnover is said to equal US$100 million.
“This acquisition is so much more than a straightforward business transaction,” said J. Cortès CEO Fred Vandermarliere.
“It is the culmination of the story of two families, running businesses for generations in an authentic market. Two businesses that complement each other so much that you could call it a perfect match.”
J. Cortès cigars are manufactured on a production line, whereas Oliva cigars are still rolled by hand; J. Cortès is active mainly in Europe while Oliva is known in the American market. Both companies share strong family ties and are businesses that run with “passion, craftsmanship and humility”, said Vandermarliere.
“Oliva is a fantastic, well-run business with strong brands and plenty of future opportunities. This acquisition allows us to further strengthen both businesses’ strategy and to stay focused on brands, people and dedication to great products for cigar lovers,” Vandermarliere added.
“As a family, it was important to us to be part of a company whose spirit and culture is much like our own. A company that appreciates and wants to continue working with our entire team. It is a new and exciting chapter for our company,” Oliva said.
J. Cortès Chairman (and father of Fred Vandermarliere) Guido Vandermarliere, commented: “In the long run, we can only survive as a cigar manufacturer by being active in all continents, by choosing 100% tobacco products, made to enjoy, and by putting quality over quantity.”
