The stock was down less than 1% in morning trading. Shares of Coke have risen 2% this year, giving it a market value of $242 billion. The Bodyarmor deal is Coke's largest brand acquisition, topping its purchase of Costa Coffee in 2018 for $5.1 billion. At the same time, under Quincey, the company has been striving to offer a wider array of beverages.
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That includes its short-lived Coca-Cola Plus Energy drink in North America this spring.
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He'll be sharing ideas on how to upgrade Coke's marketing, packaging and innovation.Ĭonsumer Edge Research analyst Brett Cooper wrote in a note published Monday that it will be difficult to quantify Repole's involvement with Coke, but it seems more likely to be positive rather than negative, given his past successes.Īhead of the deal's confirmation, Credit Suisse analyst Kaumil Gajrawala wrote in a note Friday that he expects the acquisition will be positive for Coke, citing Body Armor's brand equity and the potential for Coke to distribute its sports drinks globally, like it did for Monster.Ĭoke has been overhauling its own portfolio since the start of the coronavirus pandemic, killing off drinks that haven't been selling well. Repole said that the plan to have him act as a consultant for other parts of its portfolio is a sign that Coke wants to do things differently. "But I wasn't afraid to ask, so I'm going to try my best to get on the board." I think he muted me after that," Repole told CNBC's Sara Eisen on "Squawk on the Street" on Monday. "After I spoke to, I asked him if I could be chairman of the board.
Products launched under the brand include: Sports, Lyte Sports, Edge Sports. Repole and BodyArmor President Brent Hastie will also stick around to help Bodyarmor in its quest to overtake Gatorade. BODYARMOR is an American sports drink brand owned by The Coca-Cola Company. Repole also founded Vitaminwater, Smartwater and Energy Brands, all of which are now owned by Coke. According to Coke, the sports drink brand's retail sales this year are expected to be more than $1.4 billion, up about 50% this year.Īs part of the deal, Bodyarmor co-founder Mike Repole will collaborate on the company's still beverages portfolio. By touting itself as a healthier sports drink, Bodyarmor has surpassed Coke's Powerade to become the second-largest player in the category. Owning Bodyarmor helps Coke gain market share in the sports drink category, although PepsiCo's Gatorade is far and away the market leader with roughly 70% market share. Coke first said in February that it intended to buy a controlling interest in Bodyarmor later this year in a pre-acquisition filing with the Federal Trade Commission. The deal for the remaining 85% of Bodyarmor isn't entirely unexpected. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower While she considers whether to file a lawsuit, she said one thing is certain - her days of drinking coconut water are over.Best Debt Consolidation Loans for Bad Credit Kline said she's meeting with a lawyer next week. But being that the company isn't working with me, I am looking into suing them." It begs the question, is this claim about money? Vita Coco is the largest coconut water seller in the world and is reportedly considering putting itself up for sale for nearly $1 billion. "What she claims she found is the result of either leaving the package opened and unrefrigerated or her opening an already damaged beverage unit." Kline encountered was random spoilage and does not pose a health risk," a spokesperson said in a statement. The company said it has a good idea what the substance is. Vita Coco asked Kline for the substance so it can be tested, but she declined because she said she wants an independent test. Bodyarmor Sports Drink combines coconut water, antioxidants & vitamins to provide superior hydration.
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