Going Public on the NYSE


Created from a leveraged buyout in the late 1980s, Turning Point Brands was at a crossroads. It had a portfolio of popular brands which included Zig-Zag cigarette papers and Beech-Nut chewing tobacco. But the company also had substantial debt. It was, in essence, working for the bankers. A substantial percentage of its cash flow was required for interest payments. Management embarked on an initial public offering which would allow it to pursue a growth strategy through acquisitions and fostering its brands.


We worked with the CEO, CFO and senior executives to carry out the IPO, from providing input on test-the-waters presentations, to news releases and media relations, to the actual bell-ringing ceremony and employee communication. Additionally, we coordinated the company’s public face through its website materials, and implemented a system that tracked investor, fund manager and analyst meetings and comments and helped target potential investors.

As part of the ongoing investor relations program, we helped develop quarterly earnings call scripts, earnings releases, quarterly investor fact sheets, participation in non-deal roadshows, formal presentations to investor and analyst groups, media relations activities, the annual meeting presentation and annual reports to shareholders.


The company’s stock was priced at $10 at the IPO in May 2016, and the funds generated through the IPO kickstarted the company’s growth program.  Leverage was dramatically reduced through the IPO and subsequent refinancings, allowing the company to pursue growth organically and through consolidation.  By the first quarter of 2018, the stock price had  more than doubled, and the company had completed four acquisitions.