PowerPlant Ventures, an equity investor, has announced the acquisition of ZICO coconut water from The Coca-Cola Company for an undisclosed sum.
Founded in 2004 by Mark Rampolla with the aim to make an environmentally sustainable product that would create economic opportunities in developing countries, ZICO coconut water was a fast-growing beverage during the next nine years after its creation until its acquisition by The Coca-Cola Company in 2013.
Mark Rampolla 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, global chief marketing officer of The Coca-Cola Company said, “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: Business Wire