Coca-Cola has announced that it will acquire full ownership of sports drinks company BodyArmor for $5.6 billion.
According to a statement, the beverage giant bought 15% of BodyArmor in 2018 and will continue to operate the firm as a separate business in North America.
The company was partly owned by late basketball great Kobe Bryant, who became a major shareholder in 2013.
“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,” said president of Coca-Cola’s North American operating unit, Alfredo Rivera.
BodyArmor is currently the second-biggest sports drink company with more than $1.4 billion in retail sales, said the statement.
Co-founder and chairman of the company Mike Repole and president Brent Hastie will stay on at the brand, which is looking at “explosive consumer demand” for premium sports drinks.
In a tribute to Bryant, who died in a 2020 helicopter crash, Repole said: “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.”
