Attention, speed demons: Legendary Miami brand Cigarette has a new owner
A legendary Miami boating brand has a new owner.
Cigarette Racing Team, whose founder, Don Aronow, led a famously flamboyant life before his violent death on a Miami side street, has been purchased by billionaire entrepreneur John H. Ruiz and Lionheart Capital, best known as the parent company of fast-casual chain BurgerFi and developer of real estate projects including the Ritz Carlton Residences Miami Beach.
The Cigarette brand was born in 1969 when Aronow, who had made millions in the New Jersey construction industry, got sucked out of his South Florida retirement by the allure of powerboat racing. Over the next decade, George H.W. Bush, Princess Caroline of Monaco and King Hussein of Jordan all became customers.
Cigarette went on to have numerous owners before Skip Braver, a real estate developer, day trader and electronics broker, bought it in 2002 for $11.5 million. In 2017, Braver moved Cigarette’s operations into a 115,000-square-foot facility in Opa-locka.
The latest purchase price was not disclosed. Cigarette Racing powerboats now retail for between $600,000 and $3.5 million.
“I am thrilled about our acquisition of Cigarette Racing and believe that Cigarette Racing’s brand is daring, defiant and pushes barriers,” said Lionheart CEO Ophir Sternberg in a statement. “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.”
This story was originally published May 26, 2021 at 5:50 PM.
