The Coca-Cola Company Acquires Remaining Stake in BODYARMOR

The Coca-Cola Company today announced that it has acquired full ownership of BODYARMOR, a line of sports performance and hydration beverages that is incremental to the Coca-Cola beverage portfolio and has significant potential for long-term growth.

In 2018, Coca-Cola initially acquired a 15% stake in BODYARMOR with a path to full ownership, based on a pre-determined discount. Coca-Cola is paying $5.6 billion in cash for the remaining 85% of the company.

BODYARMOR will be managed as a separate business within Coca-Cola’s North America operating unit and will continue to be based in New York. Under a separate consulting and transition-services agreement, the executive leadership team, including Co-founder and Chairman Mike Repole and President Brent Hastie, has agreed to continue to work to maintain the brand’s successful momentum in the market. They are committed to executing BODYARMOR’s 2022 plan and working on vision and strategy for 2023 and beyond.

BODYARMOR will continue to be distributed by the U.S. Coca-Cola bottling system. When Coca-Cola made its initial investment in 2018, BODYARMOR gained access to the Coca-Cola system, which enabled BODYARMOR to accelerate its growth to meet explosive consumer demand for premium sports and hydration beverages. BODYARMOR is currently the #2 sports drink in the category in measured retail channels, growing at about 50% to drive more than $1.4 billion in retail sales.

“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 Alfredo Rivera, president of the North America operating unit of The Coca-Cola Company. “We’re excited to bring BODYARMOR into The Coca-Cola Company and work with Mike Repole and his leadership team on the next stage of growth.”

“Ten years ago, we set out with a vision to create a better-for-you sports drink with a goal of becoming the #1 global sports drink,” Repole said. “Our talented leadership team under Brent Hastie, our 400 dedicated employees and incredible Coca-Cola bottling partners have helped us build this remarkable brand. 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.”

As part of the agreement, Coca-Cola and Repole will also collaborate on the company’s still beverages portfolio, including marketing, packaging and innovation strategies across multiple brands.

Coca-Cola’s acquisition of BODYARMOR will be funded through cash on-hand and is consistent with an M&A and capital allocation framework that focuses on accelerating growth, expanding capabilities and driving efficiencies. Coca-Cola pursues brands and products that are complementary to the overall portfolio and have growth opportunities for the long term.

For more information about BODYARMOR products and athlete partnerships, visit their website at www.drinkbodyarmor.com

About The Coca-Cola Company

The Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company’s purpose is to refresh the world and make a difference. We sell multiple billion-dollar brands across several beverage categories worldwide. Our portfolio of sparkling soft drink brands includes Coca-Cola, Sprite and Fanta. Our hydration, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, Powerade, Costa, Georgia, Gold Peak, Honest and Ayataka.

Our nutrition, juice, dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide.

About BODYARMOR Sports Nutrition

BODYARMOR is a premium sports drink that provides superior hydration. It is packed with electrolytes, coconut water and antioxidants and is low in sodium and high in potassium. Created in 2011 by Mike Repole and Lance Collins, BODYARMOR contains natural flavors and sweeteners and no colors from artificial sources. In 2013, Kobe Bryant became a major shareholder in the company, helping to spark sustained growth and awareness for the brand.

In 2017, BODYARMOR launched BODYARMOR LYTE, which has all the same nutrients as BODYARMOR Sports Drink but has no sugar added and only 20 calories per bottle; and BODYARMOR SportWater, a premium sport water created for those with an active lifestyle with a performance pH 9+ and electrolytes for sport. In August 2018, The Coca-Cola Company purchased a minority stake in BODYARMOR, making them the second largest shareholder behind Repole. In 2021, BODYARMOR launched BODYARMOR EDGE, which combines the Superior Hydration of BODYARMOR Sports Drink with a boost of natural caffeine to give consumers an EDGE.

Source: The Coca-Cola Company