Coca-Cola has completed its acquisition of sports drink company Bodyarmour after buying the remaining 85 per cent of its shares for $5.6 billion.
The transaction is scheduled to be paid in cash and follows the brand’s previous 15 per cent stake in the business in 2018.
The partnership has seen the company rapidly accelerate its growth over the past three years by approximately 50 per cent, with the brand becoming the second most popular sports drink in the category and reaching over $1.4 billion in sales.
Bodyarmour will be run as a separate company and will continue its operations from its base in New York.
Its co-founder Mike Repole and President Brent Hastie are also confirmed to be remaining with the venture.
They will work on development for Bodyarmour’s 2022 plan and its strategy for 2023 and beyond.
The product will continue to be distributed by Coca-Cola’s bottling system, which the company has maintained access to since the soft drink brand’s 15 per cent acquisition in 2018.
The agreement will also see collaboration on Bodyarmour’s still beverages portfolio, including packaging, marketing and development across several brands.
“Bodyarmour has been a great addition to the system lineup over the last three years, and the company has driven continuous innovation in hydration and health-and-wellness products,” Coca-Cola North America operating unit president Alfredo Rivera said.
“We’re excited to … work with Mike Repole and his leadership team on the next stage of growth.”
Repole added: “Our talented leadership team under Brent Hastie, our 400 dedicated employees and incredible Coca-Cola bottling partners have helped us build this remarkable brand.
“I couldn’t be more excited to become part of the Coca-Cola family and set our sights on the future.”