A six million dollar investment by the late NBA legend Kobe Bryant has turned into a US$400m (NZ$556m) windfall for his estate after Coca-Cola Co announced acquisition of sports drink brand BodyArmor today.
Coke said today it paid US$5.6 billion for the remaining 85% of BodyArmor. Coke originally bought a 15% stake in the BodyArmor in 2018.
Coke confirmed that BodyArmor is its largest-ever brand acquisition. The deal is part of a multiyear effort at Coke to move beyond sugary soft drinks and into other categories like juices, enhanced waters and sports drinks. Coke bought the Fairlife milk brand in 2020 and Costa coffee in 2019.
How Kobe Bryant made his millions and built a successful business empire
BodyArmor was founded a decade ago by Lance Collins, the founder of Fuze Beverage, and Mike Repole, who started the Smartwater and Vitaminwater brands. Coke also bought Fuze and Repole's company - Energy Brands - in 2007.