Cigarette Racing Team Sold

Cigarette Racing Team, the legendary manufacturer of high-performance offshore powerboats, has been sold to Lionheart Capital. The investment firm headed by founder and CEO Ophir Sternberg has partnered with billionaire entrepreneur John H. Ruiz to purchase the company from Skip Braver, who owned the company for 20 years.

“After 20 years of building the Cigarette product line and brand, I look forward to seeing Ophir and John’s vision for the company become a reality,” Braver said in a statement. “Lionheart Capital and John H. Ruiz share my commitment to quality and performance, as well as my passion for Cigarette’s brand, and I’m confident in their ability to take the company to even greater heights based on their successful ventures, resources and business knowledge.”

A Global Brand

Braver fashioned Cigarette Racing Team into a lifestyle and brand targeted at the elite. The company has moved away from offshore go-fast boats with a small cockpit to larger crossover-style performance models.

“I am thrilled about our acquisition of Cigarette Racing and believe that Cigarette Racing’s brand is daring, defiant and pushes barriers,” said Sternberg. “With that my partner John H. Ruiz and I look forward to taking the company into its next chapter where we build upon the legacy of the brand and create significant value in the future through powerful partnerships and unique collaborations, production amplification and increased distribution channels.”

Added Ruiz, “Ophir and I both are excited about Cigarette Racing and what we can contribute to the company. “I have been an avid fan for decades. I personally own numerous Cigarette hand-crafted powerboats and believe the brand is on the verge of a new wave of acceleration. Cigarette Racing is such an iconic American name in the world of boating that it is truly an honor to be part of the continuation of its legacy that’s been going strong for over 50 years and look forward to taking it into uncharted waters.”