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Convex secured the very best deal we could have imagined, but more than that we had a huge amount of fun along the way

Nikhil Nathwani, Founder & CEO

Deal Value: $187m

Mike Driver

Partner

Nicolites | June 2014

Convex Capital originated, led, structured and completed the 100% sale of Nicolites, the leading UK based e-vapor company to Philip Morris International Inc, the owners of Marlboro.

Nicolites was founded in 2008 by Nikhil Nathwani and is headquartered in Birmingham, U.K. The Company employs a field force of approximately 40 sales representatives and distributes to more than 20,000 points of sale within the UK.

The deal team was led by Mike Driver and included Tim Marlow, Charlie Yates and James Edge and combined the efforts of the Manchester and London offices.

The deal continues Convex’s success in obtaining double-digit EBITDA valuation multiples for their clients.

This deal is the largest e-Cigarette transaction in the world, by value.

The Convex difference: achieving the biggest and best valuation in the sector

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