Catterton backs electronic cigarette maker NJOY with $20m funding


Catterton Partners has injected $20m into electronic cigarette maker NJOY through its Growth Partners fund.

The company said it would use the cash to increase its brand awareness, achieve growth and pursue new business development opportunities.

Catterton partner Michael Farello said, “NJOY is a market leader with outstanding products that have significant consumer appeal and are poised for broader acceptance in the marketplace.

“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.”

NJOY said it was hoping to draw on Catterton’s experience building brands such as Kettle Chips and Sweet Leaf Tea.

Consumer-focused Catterton is currently looking to exit its stake in US furniture retailer Restoration Hardware through a $150m IPO.

The mid-market firm has more than $2.5bn under management and a 23-year track record of building high-growth companies.

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