Advertisement

Coca-Cola pays $5.6 billion for Bodyarmor in largest acquisition ever

Coca-Cola first bought a 15% stake in Bodyarmor in 2018, at the time becoming its second-largest shareholder. File Photo by Billie Jean Shaw/UPI
Coca-Cola first bought a 15% stake in Bodyarmor in 2018, at the time becoming its second-largest shareholder. File Photo by Billie Jean Shaw/UPI

Nov. 1 (UPI) -- Coca-Cola said Monday that it has bought full ownership in sports drink maker Bodyarmor for more than $5 billion, expanding on its initial investment in the company three years ago.

The company said it paid $5.6 billion for 100% ownership in Bodyarmor. Coca-Cola first bought a 15% stake in 2018.

Advertisement

Bodyarmor will continue to be based in New York and operate separately as a subsidiary, officials said.

Bodyarmor was founded in 2011 as a competitor to market giants like Gatorade, which is owned by PepsiCo. Within two years, NBA Hall of Famer Kobe Bryant became a shareholder.

The acquisition is the largest ever for Coca-Cola.

"Our talented leadership team under [President] Brent Hastie, our 400 dedicated employees and incredible Coca-Cola bottling partners have helped us build this remarkable brand," Bodyarmor co-founder Mike Repole said in a statement.

"If it wasn't for Kobe Bryant's vision and belief, Bodyarmor would not have been able to achieve the success we had. I couldn't be more excited to become part of the Coca-Cola family and set our sights on the future."

Advertisement

"Bodyarmor 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," added Alfredo Rivera, president of Coca-Cola's North America operating unit.

Repole also founded Vitaminwater, Smartwater and Energy Brands, which are also owned by Coca-Cola.

Latest Headlines