Coca-Cola announced Monday that it will buy full ownership of sports drink company BodyArmor for $ 5.6 billion.
The beverage giant bought 15% of BodyArmor in 2018 and will continue to operate the firm as a separate business in North America, according to a statement.
The company was partly owned by the late basketball player Kobe Bryant, who became a major shareholder in 2013.
“BodyArmor has been a great addition to our line in the last three years and the company has driven continuous innovation in hydration, health, wellness products,” said Alfredo Rivera, president of Coca-Cola’s North America operating unit. .
BodyArmor is currently the No. 2 sports drink company, with more than $ 1.4 billion in retail sales. The company’s co-founder and president, Mike Repole, and president, Brent Hastie, will remain with the brand, which is studying the “explosive consumer demand” for premium sports drinks.
In a tribute to the athlete and shareholder who died in a helicopter crash in 2020, Repole said: “If it weren’t for the vision and belief of Kobe Bryant, BodyArmor would not have been able to achieve the success we did. I couldn’t be more excited to be part of the Coca-Cola family and look to the future. “
AFP
Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
