![]() ![]() 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. Repole and BodyArmor President Brent Hastie will also stick around to help Bodyarmor in its quest to overtake Gatorade. 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 I think he muted me after that,” Bodyarmor co-founder Mike Repole told CNBC’s Sara Eisen on “Squawk on the Street.” “But I wasn’t afraid to ask, so I’m going to try my best to get on the board.Best Debt Consolidation Loans for Bad Credit “After I spoke to, I asked him if I could be chairman of the board. But, there’s some question as to whether that will be the case now that the acquisition is complete. Considering he founded Smartwater, it’s safe to say that he’d have some insight. The founder told CNBC that he would like to remain as a consultant with the beverage company. What’s not clear, though, is where the BodyArmor founders sit as a result of the deal. At the time, too, the late Kobe Bryant was the third-largest shareholder in the company, as well - and his investment was made just two years after the company was launched.Īccording to the outlet, Kobe Bryant’s estate is expected to receive $400 million as part of the deal made with Coca-Cola, which will ultimately buy out the late basketball star’s share in the company. They bought into the company back in 2018 in a deal that gave them 15 percent ownership in the company. What makes this full acquisition so notable is that Coca-Cola was once the sports drink’s second-largest shareholder. Gatorade currently has about 70 percent of the market share in sports drinks, which gives its parent company nearly full dominance over the market. The Coca-Cola Company is looking to position BodyArmor as the direct competition to Gatorade, which is owned by Pepsico. BodyArmor, a sports drink company that received an initial investment from the late Kobe Bryant, will be acquired for $5.6 billion by the Coca-Cola company.Īccording to CNBC, the acquisition will be the largest of its kind by the soft drink company, which will have full control of the brand. ![]()
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