US’ no. 2 sports drink growing at 50% with over $1.4B in retail sales, Coca-Cola says
US-based multinational beverage corporation Coca-Cola announced Monday it is buying American sports drink producer Bodyarmor in the company’s largest brand acquisition ever.
The Coca-Cola Company said after initially acquiring a 15% stake in Bodyarmor in 2018, it will now pay $5.6 billion cash for the remaining 85% of the firm.
Bodyarmor will be managed as a separate business within Coca-Cola’s North America operating unit, and it will continue to be distributed by the US Coca-Cola bottling system as it has been since 2018, according to a statement.
Currently, the no. 2 sports drink in the US, Bodyarmor is growing at around 50% with more than $1.4 billion in retail sales, it said.
Former NBA superstar Kobe Bryant was the third-largest shareholder in Bodyarmor in 2018 after investing in it in 2013, two years after its foundation.
Bryant’s investment in March 2013 was estimated at $4-$6 million range to give him more than 10% stake in the company and joining its board of directors.
After his death in January 2020 in a helicopter crash, the basketball legend’s positions and shares have been held by his wife Vanessa.
Bryant family is expected to receive approximately $400 million from the sale of Bodyarmor shares, according to some estimates.