IMPERIAL BRANDS PLC

Legal Entity Identifier (LEI) No. 549300DFVPOB67JL3A42

27 May 2026

Imperial Brands Expands U.S. Oral Portfolio Through Acquisition of Black Buffalo 

Transaction strengthens Imperial's position across the evolving oral category and complements existing Zone nicotine pouch offerings.

Imperial Brands PLC today announced the acquisition of Black Buffalo, a differentiated modern oral business, broadening and strengthening its portfolio in the evolving United States oral nicotine category. 

Established in 2015, Black Buffalo's tobacco alternative long cut and pouch products are designed specifically for legal adult consumers of traditional moist smokeless tobacco (MST). They closely replicate the taste, ritual, and branding of traditional products to emulate the experience of MST without tobacco leaf or stem. 

Uniquely designed using a proprietary farm-to-can process developed through years of research and development, Black Buffalo is manufactured in North Carolina from US-grown barn-cured leafy greens, with pharmaceutical-grade nicotine and food-grade flavour added. Black Buffalo offers a differentiated experience and appeals to different consumers, compared to Zone, Imperial's existing US range of flavoured nicotine pouches.

Combining Black Buffalo's clearly defined brand and differentiated products with Imperial's commercial infrastructure and sales execution capabilities will enable greater choice for legal adult consumers seeking alternative non-combustible oral products as part of broader tobacco harm reduction efforts, while supporting accelerated revenue growth. 

Lukas Paravicini, Chief Executive Officer of Imperial Brands said: "This acquisition reflects our disciplined and focused approach to building a stronger next generation product portfolio in markets where we see attractive long-term growth opportunities. Black Buffalo is a strong, challenger brand with a highly differentiated proposition and complements our broader growth strategy." 

Kim Reed, President and Chief Executive Officer, ITG Brands, US subsidiary of Imperial Brands PLC, said: "The oral category continues to evolve rapidly, and this acquisition further strengthens our ability to compete and grow across differentiated segments. Black Buffalo broadens our oral portfolio beyond nicotine pouch offerings and expands the range of products we can offer legal adult consumers." 

"We look forward to deploying our best-in-class sales execution, retail relationships and nationwide commercial infrastructure to reach new Black Buffalo consumers and accelerate long-term growth." 

Mark Hanson, Co-founder and President of Black Buffalo, said: "Black Buffalo was built on innovation, deep consumer insights and a commitment to differentiated alternatives for adult consumers. We are excited about the opportunity with our new colleagues to combine our brand and product expertise with their scale, resources and commercial capabilities." 

As part of the transaction, the Black Buffalo team will be joining the Imperial Brands team.  

The transaction - for an initial consideration of $150 million with an additional deferred sum based on performance over three years and other criteria - is consistent with Imperial's capital allocation policy to invest in the business strategy through bolt-on transactions. The company continues to be committed to an ongoing multi-year share buyback program. 

Black Buffalo products are intended only for legal adult consumers. Imperial Brands remains committed to responsible marketing practices and youth access prevention across their product portfolios. 

Effective immediately, Black Buffalo will become part of the Imperial Brands portfolio. 

Imperial Brands PLC was advised on this transaction by Morgan Stanley & Co. International PLC, KPMG LLP and White & Case LLP. Black Buffalo was advised on this transaction by Goldman Sachs & Co LLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP.  

About Imperial Brands 

Imperial Brands PLC, a FTSE 100 company headquartered in the UK, is a global consumer goods organisation and the fourth largest international tobacco company. 

Our core tobacco business is built around a comprehensive portfolio of local and international cigarette brands and other tobacco products and smoking accessories available in 120 markets worldwide. 

Aligned with our purpose to forge a path to a healthier future for moments of relaxation and pleasure, we are also committed to building a sustainable next generation product (NGP) business, offering smokers a targeted range of potentially less harmful alternatives to traditional tobacco products. For more information visit imperialbrandsplc.com. 

About ITG Brands 

ITG Brands Holdpartner LP and its affiliates constitute the third-largest market share in its sector and are US subsidiaries of Imperial Brands PLC. They are part of a rich heritage of winning in the marketplace through forward thinking and operational integrity. For more information, visit itgbrands.com. 

About Black Buffalo 

Black Buffalo has created America's leading smokeless tobacco alternative products, backed by over 25,000 hours of research and development. The Company is a four-time recipient of the Inc. 5000 Fastest-Growing Private Companies in America award (most recently in 2025), and Black Buffalo has won major Best New Product awards from the convenience trade. 

Black Buffalo smokeless tobacco alternative products are sold in-store and online. To learn more about Black Buffalo, visit the Company's website or use the Company's store locator to find Black Buffalo products at a local retailer near you. Interested retailers may contact [email protected] to learn more about Black Buffalo. Interested brand / marketing partners may contact [email protected].

Certain Black Buffalo smokeless tobacco alternative products contain pharmaceutical-grade, tobacco-derived nicotine, which is an addictive chemical, and all of Black Buffalo's products are intended for adults aged 21 and older who are consumers of nicotine or tobacco. 

Contacts 

Investor Contacts                                                     Media Contacts           

John Crosse                +44 (0)7484 967 842              Jonathan Oliver          +44 (0)7740 096 018 

Jennifer Ramsey        +44 (0)7974 615 739              Simon Evans              +44 (0)7967 467 684 

Henry Dodd                +44 (0)7941 648 421              Lucas Seiler (U.S.)     +1 336 707 1802 

Cautionary Statement

Certain statements in this announcement constitute or may constitute forward-looking statements. Any statement in this announcement that is not a statement of historical fact including, without limitation, those regarding the Company's future expectations, operations, financial performance, financial condition and business is or may be a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this announcement. As a result, you are cautioned not to place any reliance on such forward-looking statements. The forward-looking statements reflect knowledge and information available at the date of this announcement and the Company undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein. Nothing in this announcement should be construed as a profit forecast or profit estimate and no statement in this announcement should be interpreted to mean that the future earnings per share of the Company for current or future financial years will necessarily match or exceed the historical or published earnings per share of the Company. This announcement has been prepared for, and only for the members of the Company, as a body, and no other persons. The Company, its Directors, employees, agents or advisers do not accept or assume responsibility to any other person to whom this announcement is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed.