COCA-COLA is pursuing an acquisition of healthy soda brand Poppi, according to sources with knowledge of the matter.
The Atlanta-based beverage giant is among suitors for the company, said some of the sources, all of whom requested anonymity discussing confidential information. No transaction has been finalised and a deal is not imminent, a source with knowledge of the situation said. Terms could not be learned.
A Coca-Cola representative said the company does not comment on market rumours or speculation. A representative of Cavu Venture Partners, a Poppi investor that handles communications for the brand, declined to comment.
Poppi has not disclosed sales but said it is the top-selling soda on Amazon. It is distribution also includes Target, Costco, Kroger and Whole Foods.
Coca-Cola has been making acquisitions to help it diversify away from sugary drinks. In 2021, it agreed to buy the remaining stake in sports drink maker BodyArmor. A year before that, the company bought the rest of Fairlife, which produces ultra-filtered milk. And back in 2007, it purchased Vitaminwater for US$4.1 billion.
Austin-based Poppi, founded by Allison Ellsworth and Stephen Ellsworth, produces what it claims is a healthy alternative to traditional soda that’s made with fruit juice and apple cider vinegar. One can has about 25 calories or less, compared to roughly 140 calories in a Coke Classic.
Poppi gained notoriety in 2018 when the company – then known as Mother – received an investment from Cavu Venture Partners’ Rohan Oza on the Shark Tank television show. Partnerships with celebrities such as actress Keleigh Teller helped boost the brand further. It then added to the buzz last weekend when it aired a Super Bowl ad. BLOOMBERG
