Coca-Cola took majority control of Zico last year

Coca-Cola took majority control of Zico last year

The Coca-Cola Co has completed its takeover of US firm Zico Beverages after acquiring the shares it did not already own in the coconut water company.

Coca-Cola, which will install a new president as part of the transaction, said the move gives it a leading position in one of the fastest growing beverage categories. “This announcement is the sign of a continued beginning for the brand, with more resources, support and cachet to come,” a Coca-Cola spokesperson said.

Financial details of the deal were not disclosed.

Coca-Cola first invested in Zico Beverages in 2009, and last year took majority control. In that time, the Zico brand has expanded its distribution from six markets to nation-wide.

Coca-Cola also said that Scott Uzzell will become president and take over day-to-day management of Zico Beverages. Founder and current CEO Mark Rampolla will remain as a non-executive advisor to Zico “supporting the transition and long-term strategic initiatives”, Coca-Cola said.

Uzzel has been Zico’s COO for the past year. Previously he was VP of Coca-Cola's McDonald’s business unit.