![]() Repole ran into trouble at Pirate’s Booty, too. The complaint was partially dismissed in December 2020. BodyArmor called the lawsuit meritless in a 2019 press release. Two years ago, the bottling subsidiary of Keurig Dr Pepper (then called Dr Pepper Snapple Group) sued Repole and BodyArmor for suddenly transferring distribution rights to Coca-Cola, alleging it violated a prior agreement. That deal likely netted Repole tens of millions of dollars from a cash dividend, but it also got him in trouble. ![]() (AP Photo/Danny Moloshok) ASSOCIATED PRESS Late basketball star Kobe Bryant invested in BodyArmor after discovering the drink as an alternative to Gatorade while he was recovering from an injury. He also made an early investment in Kind, the snack bar maker, which was sold to candy conglomerate Mars last year at a reported $5 billion valuation. The next year, he plowed some of his take into a majority stake in the maker of Pirate’s Booty, the white-cheddar cheese rice and corn puffs brand, which he later sold to B&G Foods for nearly $200 million. Repole sold it to Coca-Cola that year for $4.1 billion. By 2007, the business reportedly employed 600 people and was doing about $400 million in annual revenue, thanks to key marketing deals with Jennifer Aniston and rapper 50 Cent. In the late 1990s he cofounded Glaceau-which makes the popular Vitaminwater and Smartwater brands. John’s University before becoming a salesman for a small company called Mistic Beverage. Born to a waiter and a seamstress, Repole grew up in Queens, New York and studied sports management at St. (Photo by Jeff Bottari/Zuffa LLC/Zuffa LLC via Getty Images) Zuffa LLC via Getty ImagesĪ serial sports drink entrepreneur, this isn’t the first time Repole, 52, has struck a lucrative deal with Coca-Cola. The stock was down less than 1% in morning trading.The son of a waiter and a seamstress, Mike Repole is now a billionaire thanks to smart marketing-and lucrative dealmaking. 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. That includes its short-lived Coca-Cola Plus Energy drink in North America this spring. 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. ![]() 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 Best Debt Consolidation Loans for Bad Credit
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