SCOTTSDALE, Ariz. -- NJOY, a leading electronic cigarette brand, said that it has received a $20 million investment from Catterton Partners, a major consumer-focused private-equity firm. The investment, which is being made by Catterton Growth Partners LP, will be used to accelerate NJOY's brand awareness, growth and other business development opportunities.
"We welcome Catterton not just as an investor, but as a strategic partner that can help take NJOY to the next level," said Craig Weiss, president and CEO of NJOY.
"NJOY is a market leader with outstanding products that have significant consumer appeal and are poised for broader acceptance in the marketplace," said Michael Farello, a partner of Catterton Partners. "With its wide network of distribution partners, deep new-product pipeline and a strong executive team, NJOY is positioned for significant growth. We look forward to working with NJOY and utilizing our financial and operational resources--as well as our expertise in consumer products--to support the company's long-term business plans and success."
"Catterton has vast experience in helping to build leading brands like Kettle Chips, Odwalla, Frederic Fekkai and Sweet Leaf Tea, among many others," said Roy Anise, executive vice president of NJOY. "Catterton chooses only the best companies in which to invest, as evidenced by the firm's outstanding track record. With Catterton's help, their portfolio companies have significantly increased their brand strength, distribution and market share, and these are the same goals that we have for NJOY."
NJOY is available in more than 20,000 leading retail locations nationwide including more than half of the nation's top 20 convenience store chains. NJOY offers a variety of rechargeable and nonrechargeable electronic cigarette products made for adult smokers. These products provide nicotine and rich tobacco and menthol flavor without smoke or odor, and cost less than traditional cigarettes to use, the company said.
With more than $2.5 billion currently under management and a 23-year track record of success in building high-growth companies, Catterton Partners is a leading consumer‐focused private-equity firm. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills and network of industry contacts to establish one of the strongest private-equity investment track records in the middle market consumer industry, it said. It invests in all major consumer segments, including food and beverage, retail and restaurants, consumer products and services, consumer health and media and marketing services. A number of Catterton's current investments include Restoration Hardware, Cheddar's and Noodles restaurants, StriVectin, O.N.E. (One Natural Experience) beverages and Nature's Variety Pet Food. Selected realized investments include Frederic Fekkai, Sweet Leaf Tea, Heartland RV, Build-A-Bear Workshop, Kettle Foods, Odwalla, P.F. Chang's China Bistro and Wellness Pet Food.
NJOY is a trademarked electronic cigarette brand and is based in Scottsdale, Ariz.