Coca-cola Acquires Full Control Of Bodyarmor
Coca-Cola has announced that it has bought full control of sports drink maker Bodyarmor for around $5.6 billion, making it the company’s largest brand acquisition to date.
The beverage giant first acquired a 15% stake in Bodyarmor in 2018, becoming its second-largest shareholder. At the time, basketball legend Kobe Bryant was its third-largest shareholder after investing in Bodyarmor in 2013, just two years after its founding. It has been reported that the estate of the late NBA star will receive roughly $400 million from the sale.
Owning Bodyarmor helps Coke gain market share in the sports drink category, although PepsiCo’s Gatorade still leads the way with roughly 70% market share.
As part of the deal, Bodyarmor co-founder Mike Repole will collaborate on the company’s still beverages portfolio. Repole also founded Vitaminwater, Smartwater and Energy Brands, all of which are now owned by Coke.
Repole and BodyArmor President Brent Hastie will also stick around to help Bodyarmor in its quest to overtake Gatorade.
The Bodyarmor deal is Coke’s largest brand acquisition, topping its purchase of British coffee chain Costa in 2018 for $5.1 billion.
