Beverage producer Coca-Cola Company acquired portfolio company Bodyarmor, a US-headquartered sports drink brand, yesterday at a valuation of approximately $6.59bn.
Founded in 2011, Bodyarmor markets a range of coconut water-based sports drinks and has sponsorship agreements in place with actress Jennifer Lopez and professional athletes including Naomi Osaka, Andrew Luck, Rob Gronkowski and Klay Thompson.
The late Koby Bryant, a basketball Hall of Famer, invested an undisclosed amount in the company in 2013, and Coca-Cola provided an undisclosed sum five years later in return for a stake it said this week was 15%, through an agreement allowing Bodyarmor to use its bottling resources. It paid $5.6bn for the remaining 15%.
Coca-Cola will run Bodyarmor as a separate business within its North America division. Co-founder and chairman Mike Repole – still the company’s largest shareholder pre-acquisition – and president Brent Hastie will help guide it through a consulting and transition services agreement.
Repole said: “Ten years ago, we set out with a vision to create a better-for-you sports drink with a goal of becoming the #1 global sports drink. Our talented leadership team under Brent Hastie, our 400 dedicated employees and incredible Coca-Cola bottling partners have helped us build this remarkable brand.
“If it was not for Kobe Bryant’s vision and belief, Bodyarmor would not have been able to achieve the success we had. I could not be more excited to become part of the Coca-Cola family and set our sights on the future.”
