BODYARMOR acquired by The Coca-Cola Company
The Coca-Cola Company acquired BODYARMOR, a US sports performance and hydration beverages brand.
Transaction summary
- Target
- BODYARMOR
- Acquirer
- The Coca-Cola Company
- Seller
- -
- Announced
- -
- Geography
- United States
- Type
- Acquisition
- Deal type
- Control
- Stake acquired
- 85%
- First added
- 2026-10-04
- Latest update
- 2026-10-21
Value and multiples
100% enterprise value
USD 6.6B
100% enterprise value | USD
Basis: Derived from source data
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
EV / revenue
-
Period not stated
Basis: FundComb estimate
EV / EBITDA
-
EBITDA basis not stated
Basis: FundComb estimate
Amounts paid and other reported values
Original reported amounts and bases; a stake payment is distinct from the estimated whole-company valuation.
Consideration: USD 5.6B
Reported $5.6 billion purchase price for the remaining 85% ownership interest.
Basis
- Coca-Cola acquired the remaining 85% interest in BODYARMOR after its earlier 15% minority investment. The reported USD 5.6bn purchase price is consideration for that 85% stake; USD 5.6bn / 85% gives an estimated 100% enterprise value of approximately USD 6.588bn. Retail sales and measured-channel growth are not company revenue, so no revenue or EBITDA multiple is shown. The deal closed in November 2021; the exact day is not established.
Source summary
Coca-Cola Reports Fourth Quarter and Full-Year 2021 Results
ConfirmedFor full-year 2021, BODYARMOR was the #2 sports drink in the category in measured retail channels in the United States, with retail value growth of approximately 50%.
Open sourceThe Coca-Cola Company Form 10-Q for the quarterly period ended March 28, 2025
ConfirmedIn November 2021, the Company acquired the remaining 85% ownership interest in, and now owns 100% of, BodyArmor
Open sourceContinue your research
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