As part of BodyArmor’s $5.6 billion sales to Coca-Cola Co., the estate of Los Angeles Lakers legend Kobe Bryant is expected to get roughly $400 million.
Coke announced on Monday that it has paid $5.6 billion for BodyArmor’s remaining 85 percent interest. Coke initially purchased a 15% share in the beverage brand in 2018. Coke made the announcement at 8:24 a.m. on Monday to honor the two jersey numbers Bryant wore during his NBA career.
The BodyArmor deal represents the most money Coke has ever paid for a beverage brand. Coke paid $4.1 billion for Glaceau water in 2007 and $5.1 billion for Costa Coffee in 2018.
Company officials are now working “on the next stage of growth” for BodyArmor, Coca-Cola North America President Alfredo Rivera said in a statement. Coke said it expects BodyArmor to generate roughly $1.4 billion in sales this year.
BodyArmor is the No. 2 sports drink brand, according to Coke, trailing only PepsiCo’s Gatorade. The No. 3 sports drink is Powerade, which is also owned by Coke.
BodyArmor will be housed in a distinct business operation in New York, controlled by BodyArmor co-founder Mike Repole, according to Coke, which is based in Atlanta.
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Bryant bought about a ten percent stake in BodyArmor in 2014. After Coca-Cola acquired a minority position in the company, ESPN’s Darren Rovell estimated in August 2018 that the value of his investment had approached $200 million.
BodyArmor co-founder Mike Repole commended Bryant with helping the firm expand after the sale on Monday.
“If it wasn’t for Kobe Bryant’s vision and belief, BodyArmor would not have been able to achieve the success we had,” he said. “I couldn’t be more excited to become part of the Coca-Cola family and set our sights on the future.”
