Global soft drinks company Coca-Cola Company has sold the Zico coconut water brand back to its original owner, through the equity firm PowerPlant Ventures, after eight years.
Mark Rampolla, creator of the Zico brand and co-founder of PowerPlant Ventures, said: “I respect the decision of Coca-Cola to focus on other elements of their beverage business. I still have a lot of love for ZICO, and I know consumers do too. We are thrilled to acquire the company and thankful for the support from Coca-Cola”.
Manolo Arroyo, Coca-Cola global chief marketing officer, added: “We are incredibly proud of the results we achieved growing ZICO when it was a part of the Coca-Cola family of brands and wish PowerPlant Ventures continued success as they take the Zico brand on a new journey”.
Source: PowerPlant Ventures (via Business Wire)