Coconut water maker Zico is now a full member of the Coca-Cola family.
The Atlanta-based beverage giant announced Friday it has acquired the remaining share of Zico Beverages, a company in which Coca-Cola bought a majority stake in 2012.
Terms of the deal were not released.
“With our acquisition, we plan to innovate in all aspects of the consumer experience and increase both velocity and distribution to position Zico for even more growth,” Deryck van Rensburg, president and general manager of Coca-Cola’s Venturing and Emerging Brands unit, said in a statement. “This announcement is the sign of a continued beginning for the brand, with more resources, support and cachet to come.”
Revenue in the coconut water segment has nearly doubled every year since 2004, Coca-Cola said. Zico’s distribution has grown from six markets prior to Coca-Cola’s initial investment in the company in 2009 to national circulation today. The product can be found on the shelves of many national chains, including Kroger, Target and Walmart.
G. Scott Uzzell, who has served as Zico’s chief commercial officer and executive vice president of sales for the past year, will become president and take over day-to-day management of the brand, Coca-Cola said. Mark Rampolla, Zico’s founder and chief executive officer, will remain as a non-executive advisor.
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