US: Coca-Cola closes Fuze purchase
Private equity firm Castanea Partners, which invested in Fuze in 2004, confirmed the closure of the transaction yesterday (26 March). Coca-Cola received US regulatory clearance for the purchase, for an undisclosed sum, late last month.
"Castanea joined us at a critical time in our development and really contributed to our success," said company founder and CEO, Lance Collins. "They understood our industry and repeatedly rolled-up their sleeves to help us tackle important issues. We were looking for a value-added partner and they certainly delivered."
Brian Knez, a managing partner at Castanea, added: "Lance and his team have done an outstanding job building the Fuze brand through creative grassroots marketing, improved distribution, and continuous product innovation."
Fuze's range includes a line of enhanced juices and teas and WaterPlus enhanced waters. The deal will also see Coca-Cola attain the license for Fuze's NOS energy drink brand.
Fuze will continue to operate as a stand-alone entity of Coca-Cola, the Atlanta-based soft drinks giant said.
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