Coca-Cola has completed its acquisition of sports drink brand BodyArmor.
Coke said today it paid $5.6 billion for the remaining 85% of BodyArmor. Coke originally bought a 15% stake in the BodyArmor in 2018.
With that initial investment, BodyArmor gained access to Coke’s sprawling distribution network. Coke said today that BodyArmor is now the No. 2 sports drink brand behind Gatorade, which is owned by Coke’s chief rival, PepsiCo.
BodyArmor was founded a decade ago by the entrepreneurs who also developed smartwater and Fuze Beverage. Basketball star Kobe Bryant was an early investor.
Atlanta-based Coke said it will manage the BodyArmor brand as a separate business and it will continue to be based in New York.