Matt Booth Sells Room101 to STG
Matt Booth sells Room101 to STG and will join the company as a creative director. The acquisition only goes for the cigar related part of the Room101 lifestyle brand. The gin, jewellery, cannabis and luxury leather divisions of Room101 stay independent and are not included in the sale,
“Our acquisition of Room101 Cigars is a strategic move for both STG and Matt Booth, and underpins our collective drive to shake up the category,” said Régis Broersma, president of STG’s North America and Rest of World divisions, in a press release. “Matt is a creative force and we’ve admired his ability to surprise and delight the market. On top of that, the Room101 cigar portfolio represents a blue ocean of blends and taste profiles we haven’t been playing in. So this acquisition gives us an even deeper opportunity to innovate and unlock the brand’s potential. We’re looking forward to tapping Matt’s boundless creativity, to doing some really cool cigar projects with him and to working alongside him to keep Room101 true to its roots.”
“In my 13 years in this industry, I’ve fought hard to foster Room101’s stance in market and now it is time as a brand to ascend to the next level,” Booth said via a press release. “This arrangement is nothing short of a watershed moment for myself and our brand family. Room101 Cigars has found its forever home with STG and I am extremely excited to be part of a company that is willing to invest in creative integrity and bold innovation. This partnership will empower Room101 Cigars to stretch outward and become the first true global craft brand in the category.”
Room101 is not the first brand to be acquired by STG in the last few years. The most recent brands are Royal Agio Cigars and Toraño Cigars. The latter disappeared completely, while the first thing STG did with Royal Agio was to take Balmoral off the American market. The Scandinavian company has a reputation of buying brands, including machine made cigars, and then run them in the ground. Let’s hope Room101 isn’t the next one, but instead be the next CAO, a brand that did do well after STG bought it.
