Coca-Cola is buying rest of BodyArmor for US$5.6B
BNN Bloomberg
Coca-Cola Co. agreed to acquire the remaining stake that it doesn’t own in BodyArmor for US$5.6 billion in cash, giving the soft-drink giant full control of the sports-drink brand and more ammunition to take on market leader Gatorade.
Coca-Cola Co. agreed to acquire the remaining stake that it doesn’t own in BodyArmor for US$5.6 billion in cash, giving the soft-drink giant full control of the sports-drink brand and more ammunition to take on market leader Gatorade.
Coca-Cola, which already owns 15 per cent of BodyArmor, is buying the remainder from investors including co-founder and Chairman Mike Repole. Repole and his leadership team will remain in place and work with Coca-Cola on other parts of its still-beverage portfolio, the company said Monday.
Bloomberg News reported Oct. 28 that Coca-Cola was close to a deal to buy the remaining stake.
BodyArmor’s sales have risen quickly after the drink was created in 2011. The brand has enjoyed the backing and marketing power of professional athletes including baseball’s Mike Trout, basketball’s James Harden and golf’s Dustin Johnson.
Like rival PepsiCo Inc., Coca-Cola has been benefiting from consumers’ rising thirst for beverages as they return to public venues such as restaurants and stadiums. Coca-Cola in 2018 bought its minority stake in BodyArmor and at the time called it “one of the fastest-growing beverage trademarks in America.”
The deal aims to accelerate sales in Coca-Cola’s hydration, sports and coffee segment. Case volume grew 6 per cent in that division last quarter, in line with carbonated products but behind the 12 per cent gain in nutrition, juice and dairy products.
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