UK/US: Coca-Cola Co eyes Innocent expansion with deal to up stake
Coca-Cola is set to take a greater stake in Innocent
In a statement from Innocent today (22 February), it said the US firm will buy the “majority” of the shares owned by the company's founders and employees. Coca-Cola first took a stake in Innocent in 2009, then upped its stake to the current 58% in 2010.
Innocent did not reveal the exact stake level Coca-Cola is looking to acquire.
An Innoncent spokesperson told just-drinks the precise figure could not be revealed as "the deal is still awaiting approval from the relevant competition authorities".
The UK firm's founders will retain a minority equity holding and sit on a company executive committee.
Richard Reed, one of Innocent's co-founder, said the company had “flourished” since agreeing a deal with Coca-Cola four years ago. “Given the success of the relationship, they will be increasing their investment, supporting even more innovation and international expansion,” he added.
“Importantly for us, the business will be run by a home-grown Innocent team in the same unique Innocent way, with the founders remaining involved to support the business in the years ahead.’
James Quincey, Coca-Cola’s Group president, Europe, said: "We remain confident in the long-term growth potential of the company and the team and consider the brand values as fundamental to continued success.
He added: "We are excited about the future and getting innocent’s products to more people in more countries with the valuable input and continued support of the founders."
Innocent Drinks Ltd is set to sell its remaining 42% stake to The Coca-Cola Co, with whom it first went into partnership in 2009. The objective is to gain a stronger presence within fruit/vegetable ju...
The Coca-Cola Company slightly underperformed the world’s soft drinks market amid the recession in Western Europe and slow economic recovery in the US. It is actively expanding in low calorie carbonat...
The Coca-Cola Co (TCCC) is the leading player in both soft drinks and in HW soft drinks. The company’s strength is based on its diversity of category presence from HW carbonates to RTD tea and bottled...
Coca-Cola Co's chief executive Muhtar Kent has argued that the group's second quarter performance is an "anomaly" caused by a combination of uncontrollable factors and not a "systemic" issue. ...
In 2012, a key shift in consumer interest was towards chilled products. Consumers increasingly looked to the fridge areas in supermarkets/hypermarkets for fruit/vegetable juice. As a result categories...
- A tobacco analogy soft drinks will want to embrace
- Cleaning China's seedier side brings Remy balance
- just The Preview - SABMiller's Q1
- PepsiCo to consider more re-franchising - CEO
- Pernod's Portman Group penalty - a coincidence?
- Diageo's Captain Morgan Facebook ad banned
- Diageo faces public consultation over W&M sale
- William Grant silent on Drambuie bid talk
- Bacardi to fight US football team legal action
- Remy posts Q1 sales drop as Edrington loss bites