KUMULUS-VAPE
Kumulus Vape (ISIN FR0013419876 – MLVAP ), an online retailer specialised in the sale of electronic cigarettes and related products (devices, e-liquid and accessories), referred collectively as “e-cigarettes”, is pleased to announce the listing of its shares on the Euronext Access™ compartment in Paris by technical admission (Euronext notice PAR_20190523_05573_ACC). First listing will take place on 28 May 2019.
This initial public offering - a first in Europe’s e-cigarette space - is a new milestone in the performance trajectory of the Lyon-based company, a pioneer on this market in acceleration phase.
Kumulus Vape posted 2018 sales of €6.5 million, up 116% on 2017. Its outlook is highly auspicious, with 96% quarter-on-quarter growth in the first quarter of 2019. Kumulus Vape’s goal is clear: to become one of the French leaders in 100% online e-cigarette retail within three years.
AN E-CIGARETTE PIONEER
A CATALOGUE OF OVER 6,000
REFERENCES
Kumulus Vape is one of the top online French retailers of dedicated e-cigarette products (devices, e-liquid, DIY1 ). Its extensive catalogue of over 6,000 references caters to both “beginner” and expert e-cigarette users. Active in the fight against tobacco and a defender of the e-cigarette sector, Kumulus Vape offers an unparallelled range of high-performance products at competitive prices.
Founded in 2012, the Company rapidly ascended to become one of the leaders on this regulated sector that is increasingly recognised by the general public, health authorities (the French Economic, Social and Environmental Council - CESE) and government (French Ministry of Health).
Its model comprises two complementary activities: B2C (online sales only) and B2B (sales to a network of specialist retailers).
The group’s original activity, B2C, has grown rapidly over the last three years. Between 2016 and 2018, business has soared and the number of customers tripled. Sales (40% of total sales) also tripled over the period to reach €2.8 million in 2018.
Its B2B business (60% of total sales), which began in 2017, has also been an instant success. Today, more and more specialist retailers use Kumulus Vape for all their supplies.
A POTENTIAL MARKET WORTH OVER €800 MILLION IN FRANCE
Both activities are tapping into a huge market with a potential estimated at over €800 million in France2 . Indeed, faced with the devastating effects of tobacco, which is believed to be responsible for over seven million deaths per year worldwide3 , nearly one out of two smokers (45%) in France intends to switch to e-cigarettes by 20204 . That is over five million potential users of a product that is seen as an indispensable solution to giving up smoking.
The B2B market also has strong growth potential with as many as 2,700 points of sale that are already addressable on a highly buoyant market across France.
SUCCESS IN ACTION:
116% GROWTH IN 2018, ESTABLISHED
PROFITABILITY
All these advantages have accelerated Kumulus Vape’s take-off. The Company has doubled its sales every year since 2016, putting its average annual growth at 100% for the last three years. This performance illustrates the growing success of the Kumulus Vape produce range, as well as the Company’s ability to capture new customers on both the B2B and B2C markets.
2018 was a blockbuster year for Kumulus Vape, with sales up 116% to €6.5 million on the performance of both the B2B market (+240%) and B2C market (+54%). This strong growth is accompanied by solid profitability. EBITDA for 2018 exceeded the €400k threshold (+128% compared with 2017) for net earnings of nearly €300k (+106%).
The 2019 fiscal year began on a very positive note after sales gained 96% to €2.3 million in the first quarter.
AN AMBITION TO REACH OVER €15M IN SALES IN 2020
THE STOCK
MARKET AS AN ACCELERATOR
To facilitate its growth, in early 2019 Kumulus Vape doubled its order processing capacity by moving to new premises of 2,600 m² just outside of Lyon. This integrated logistics platform is designed to handle up to €80 million orders per year. Today Kumulus Vape is poised to accelerate its growth and intends to hit the €15 million sales mark from 2020 onwards.
To this end, it plans to hire sales representatives in France and step up its marketing and visibility, particularly via search engine optimisation. The Company will also draw on new growth drivers and find ways to expand its margins, such as boosting the share of its white-label products. Since 2016, it offers a diverse range of e-liquids (Origa, Mythik, Master DIY) that are already distributed worldwide.
TARGET: EURONEXT GROWTH
The purpose of the IPO is to raise Kumulus Vape’s profile and grow its domestic footprint.
In the long run, the Company and its shareholders are focused on increasing its free float. Kumulus Vape’s admission on Euronext Access is a first step before potentially transferring its shares to the Euronext Growth compartment.
Accordingly, 55,000 shares will be available for sale on the first day of trade, in line with the Company’s desire to encourage the growth of its free float which could soon account for 5-10% of its capital.
Rémi Baert, Chairman and Founder of Kumulus Vape, comments : “We are very pleased to be bringing to fruition what is a milestone in Kumulus Vape’s history. The market timing is ideal, given the growth of all our business activities. Today everything is in place for us to take this next step in our development and change gear in terms of ramping up our international presence from this year and the expected take-off of our B2B business. Our IPO on Euronext Access is a further step to our success and will consolidate our momentum. It will also help boost our image with the general public and institutional investors at a time when the e-cigarette is becoming an indispensable solution to giving up smoking.”
Transaction details
Listing market:
Euronext Access
ISIN
:
FR0013419876
Mnemo
: MLVAP
Listing procedure
:
Technical admission
Number of shares in registered capital:
1,988,000
Number of shares sold on the day of listing:
55,000
Sale
price per share
: €2.12
Valuation opted for listing
:
€4,214,560.00
Start of trading
: 28 May 2019
Eligibility
for PEA (equity savings plan) and SME PEA:
yes
The operation does not require approval from the AMF (French financial markets authority). Therefore, the Information Document has not been approved by the AMF. The Information Document is available free of charge at the headquarters of Kumulus Vape. It can be downloaded at www.kumulusvape.fr/investisseurs . Companies admitted to Euronext Access are not subject to the same rules as companies on the regulated market. Rather, they are subject to a less extensive body of rules adapted to small growth businesses. The risk associated with an investment on Euronext Access may therefore be greater than investing in a company of the regulated market.
Transaction partners
Atout Capital | Advisors and Listing Sponsor | |
Lamy Lexel | Legal advice | |
Mazars | Statutory Auditor | |
Actifin | Financial Communication |
About Kumulus Vape
Based in Corbas in the Metropolis of Lyon, Kumulus Vape is currently one of the French leaders in B2C distribution www.kumulusvape.fr and B2B distribution kmls.fr of e-cigarette and e-liquid products. Founded in 2012, the Company has one of the most diverse catalogues on the market with over 6,000 references and representing nearly 250 brands. Since 2016, it offers a wide range of e-liquid white labelling solutions (Origa, Mythik, Master DIY). Kumulus Vape’s 2018 sales topped €6.5 million, up 116% on 2017.
1
Do It Yourself: e-liquid base that allow users to prepare
their own recipe
2
Xerfi / November 2018
3
WHO
4
Survey by Fuméo.fr /December 2017 /Xerfi; based on
12 million smokers
View source version on businesswire.com: https://www.businesswire.com/news/home/20190523005635/en/
Contact:
KUMULUS VAPE Communications Director Vincent Baudoin v.baudoin@kumulusvape.fr Tel: +33 (0)6 10 84 52 59
ACTIFIN Press Officer Aminata Doucouré adoucoure@actifin.fr Tel: + 33 (0)1 56 88 11 23
ACTIFIN Financial Communication Julien Mouret jmouret@actifin.fr Tel: + 33 (0)1 56 88 11 14
Link:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Access Advance Welcomes Global Technology Leaders as Licensees and Licensors to New Video Distribution Patent Pool2.7.2025 02:00:00 CEST | Press release
Access Advance LLC ("Advance") today announced the inaugural roster of licensees and licensors for its Video Distribution Patent ("VDP") Pool, marking a significant milestone in the program's rapid market adoption since its January announcement. The participation of major global companies heavily involved in video codec technology demonstrates strong industry support for the comprehensive licensing solution covering HEVC, VVC, VP9, and AV1 codecs. The VDP Pool has successfully attracted a group of licensees/licensors including ByteDance, Kuaishou, NTT Docomo, and Tencent. This represents the beginning of what Access Advance expects to be widespread adoption among content streaming providers seeking simplified codec licensing. The licensees’ participation provides immediate access to the wide-ranging patent portfolio while benefiting from the fixed tiered pricing structure designed to scale with business size. "We're pleased to welcome ByteDance, Kuaishou, NTT Docomo and Tencent as our
Intralot S.A. to Acquire Bally’s International Interactive Business in a Transaction that Creates a Global Gaming Technology and Services Company in Lottery and Digital Online Gaming Markets1.7.2025 21:10:00 CEST | Press release
Intralot S.A. to Remain Listed on the Athens Stock ExchangeTransaction Enterprise Value of €2.7 Billion Intralot S.A. (ATSE: INLOT) (“Intralot”) and Bally’s Corporation (NYSE: BALY) (“Bally’s”) today announced that their respective Boards of Directors approved their entry into a definitive transaction agreement (“Transaction Agreement”) pursuant to which Intralot will acquire Bally’s International Interactive business (the “International Interactive Business”) in a cash-and-shares transaction that values the International Interactive Business at an enterprise value of €2.7 billion (the “Transaction”). The consideration for the acquisition of the International Interactive Business will comprise a combination of cash paid by Intralot and newly issued shares delivered by Intralot to Bally’s, as more specifically detailed below. As part of the Transaction, Intralot expects to refinance part of its existing debt facilities and Bally’s also expects to repay secured debt from the cash proceed
Valeo Foods Group Acquires Melegatti Cakes Expanding the Italian Bakery Portfolio1.7.2025 18:21:00 CEST | Press release
Valeo Foods Group, one of Europe’s leading producers of quality sweets, treats and snacks, has successfully acquired the assets of an Italian panettone, pandoro and croissant producer, Melegatti 1894 S.p.A.This acquisition is another step forward in Valeo Foods Groups’ strategy to expand its baked sweet treats portfolio, and reinforces Valeo’s commitment to bringing authentic Italian confections and established regional brands to a wider international audience. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250702677156/en/ Melegatti Founded in 1894 in Verona, Melegatti has a strong reputation for artisanal cakes - particularly pandoro, panettone and filled croissants - traditional recipes, and a rich Italian heritage, Melegatti has a proud legacy founded on family values, craftsmanship, and a passion for quality. “We are excited to welcome Melegatti into the Valeo Foods Group,” said Ronald Kers, Group CEO. “This acquisition
PUMA and Borussia Dortmund Extend Partnership1.7.2025 18:18:00 CEST | Press release
Sports company PUMA has extended its long-standing partnership with Borussia Dortmund, and will continue to create products that cater to BVB’s many passionate fans around the world and match the club’s dynamic, fast paced style of football. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250701775493/en/ Sports company PUMA has extended its long-standing partnership with Borussia Dortmund, and will continue to create products that cater to BVB’s many passionate fans around the world and match the club’s dynamic, fast paced style of football. Since the start of their partnership in the 2012/13 season, BVB has celebrated many successes, such as reaching the finals of the 2012/13 and 2023/24 UEFA Champions League and winning the 2016/17 and 2020/21 German DFB Cup. The club is currently participating in the FIFA Club World Cup, where it has already reached the round of 16. BVB continues to set the standard in European football w
Gogo Galileo HDX Coming to Cessna Citation Jet Models1.7.2025 17:00:00 CEST | Press release
Expected FAA Supplemental Type Certification in late 2025 Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company, today announced Gogo Galileo HDX will be available for aftermarket installation on Cessna Citation jets after Federal Aviation Administration (FAA) Supplemental Type Certification (STC) expected in late 2025. The global Low Earth Orbit (LEO) solution allows customers to enjoy one of the best possible in-flight connectivity and aviation experiences, no matter where their journey takes them. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250701750049/en/ Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company, today announced Gogo Galileo HDX will be available for aftermarket installation on Cessna Citation jets after Federal Aviation Administration (FAA) Supplemental Type Certification (STC) expected in late 2025. (Photo: Textron Aviation) By offering Gogo Galileo HDX as an aftermarket upgrade, the Textron Av
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom