US: Dr Pepper Snapple Group bunks up with Hydrive
Dr Pepper Snapple Group has acquired a minority stake in Hydrive Energy in the US.
The two companies confirmed today (25 July), that Dr Pepper Snapple Group (DPSG) has taken the stake in exchange for meeting various distribution targets.
DPSG currently handles the distribution of Hydrive, a low calorie, enhanced water energy drink, in a number of its mid-west and east coast markets including: New York, New Jersey, Illinois, Wisconsin, Minnesota, Indiana, Kansas, Nebraska, Missouri, and Iowa. Under terms of the agreement, DPSG has been granted a minority stake in Hydrive and will have the opportunity to expand its position by launching in additional US markets.
"We are very pleased to be working again with two well-respected beverage veterans, Mike Weinstein and Brian O'Byrne, on their latest beverage innovation," said DPSG's president and CEO, Larry Young. "Hydrive energy drinks are uniquely positioned to take advantage of growth in the two fastest-growing beverage categories, enhanced water and energy. The opportunity to participate at an early stage in the growth and success of such emerging beverage ventures is very exciting for us and part of our overall portfolio strategy."
Brian O'Byrne, CEO of Hydrive, added: "DPSG has been doing an outstanding job getting Hydrive in distribution in its markets. The brand is already sold in over 9,000 accounts by DPSG and the number keeps growing every day. We are looking forward to expanding into additional markets in the future."
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