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Wednesday, June 4, 2025

Coca-Cola Closes In on $8B BodyArmor Deal

  • Coca-Cola is nearing an agreement to buy a majority stake in sports drink maker BodyArmor at an $8 billion valuation.
  • The company has been a minority investor since 2018.
man_drinking_body_armor
Body Armor/Design: Alex Brooks

Coca-Cola is close to acquiring a controlling stake in BodyArmor in a deal that values the sports drink maker at $8 billion, according to Bloomberg.

The pact would give Coca-Cola a roughly 23% share of the sports drink market, after factoring in its Powerade brand. PepsiCo-owned Gatorade dominates the category with a 68% share.

Coca-Cola bought into BodyArmor in 2018, becoming the second-largest shareholder behind co-founder Mike Repole. Repole also co-founded Vitaminwater maker Glaceau, which Coca-Cola purchased in 2007 for $4.1 billion.

  • In February, Coca-Cola notified regulators of its intention to purchase a controlling stake in BodyArmor.
  • BodyArmor sales topped $1 billion in the 12 months prior to that point, representing 43.4% year-over-year growth.
  • Coca-Cola’s net operating revenues grew 16% year-over-year to $10 billion for the fiscal quarter ending Oct. 1. Its sports drink segment grew 5% year-over-year.

The late Kobe Bryant became the No. 3 shareholder in BodyArmor in 2013 and went on to write and direct commercials for the brand. Bryant’s initial $6 million investment was worth $200 million as of 2018.

BodyArmor’s athlete endorsers include Mookie Betts, Naomi Osaka, Dustin Johnson, Megan Rapinoe, James Harden, Mike Trout, and Sabrina Ionescu. It also has sponsorship deals with MLS, UFC, and tennis’ US Open.

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