Goldman Sachs estimated the final valuation at around $6.6 billion or a higher-than-average 6.7x sales multiple.Īt $5.6 billion, the BodyArmor acquisition passed Coke’s $5.1 billion purchase of Costa Coffee in 2018 as its largest in company history. Reports that the deal was in its closing stages last week suggested BodyArmor was exploring a valuation as high as $8 billion. antitrust regulators that it was seeking to acquire a controlling stake in BodyArmor. The deal has been in the works since at least February, when Coke notified U.S. “Mike brings everybody in, everybody’s a partner.” “It was unbelievable to see how something like this could change so many lives and almost everyone it helped was someone who helped build the brand,” Giannuzzi told BevNET. Lewendon noted that outside of some family offices the cap table had almost no private equity or funds involved and most of the company’s investments came from individuals. According to Nick Giannuzzi and Ryan Lewendon, partners of law firm Giannuzzi Lewendon which represented BodyArmor in negotiations, roughly 50% of the brand’s 400 employees are set to receive over $1 million in the transaction, ranging from executives to lower level staff. A report in Seeking Alpha added that KDP had purchased the stake for $25 million.īut it’s not just KDP and Bryant’s family who have seen their investment in BodyArmor pay off. According to Goldman Sachs Equity Research, KDP’s stake is valued at $825 million. Bryant’s estate is expected to receive about $400 million for his stake in the brand.Īs well, Coke is buying out Keurig Dr Pepper’s (KDP) 12.5% stake in the company. EST on Monday morning as a tribute to Bryant, who died last year, with the time representing the two different jersey numbers he wore during his tenure with the Los Angeles Lakers. The announcement was reportedly released at exactly 8:24 a.m.
I couldn’t be more excited to become part of the Coca-Cola family and set our sights on the future.” If it wasn’t for Kobe Bryant’s vision and belief, BODYARMOR would not have been able to achieve the success we had. “Our talented leadership team under Brent Hastie, our 400 dedicated employees and incredible Coca-Cola bottling partners have helped us build this remarkable brand. “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 in the release. In 2013, NBA All-Star Kobe Bryant joined BodyArmor as a director and the company’s third largest shareholder, as well as a prominent face of the brand.
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BodyArmor was founded in 2011 by serial entrepreneur Lance Collins and Repole, who had previously co-founded Glaceau, the maker of Vitaminwater and Smartwater, which sold to Coke in 2007 for $4.1 billion.
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