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CHARLOTTE, N.C. -- In an effort to significantly boost its presence in the electronic cigarette market, Ballantyne Brands LLC has acquired the Mistic brand and introduced its own e-cigarette, called NEO. Ballantyne, which acquired Mistic for an undisclosed sum, also announced it secured an investment partner to support its business for the long term.
"With both the launch of NEO and purchase of Mistic, we are now poised to capture a significant share of the electronic cigarette market over the next six months and beyond," said John Wiesehan Jr., CEO of Ballantyne Brands. "Additionally, with the strong support of our capital partners, there is no limit as to how much we can achieve."
According to a Ballantyne news release, the acquisition of Mistic also provides the e-cigarette company with a brand that currently has both equity in the marketplace and a strong consumer base.
"Having two great brands also provides our customers with the option of either a value brand or a premium brand," said Todd Millard, chief operating officer for Ballantyne Brands. "This is a trend in the category that we believe will continue to evolve."