Kobe Bryant estate reportedly gains $400 million in BodyArmor sale

Kobe Bryant estate reportedly gains $400 million in BodyArmor sale

Coca-Cola’s money deal to purchase sports activities drink BodyArmor has netted tens of millions of {dollars} in revenue for the beverage’s early buyers, together with basketball legend Kobe Bryant. 

Coke said Monday it paid $5.6 billion for the excellent 85% stake in BodyArmor. Coke initially purchased a 15% stake in the road of drinks in 2018. Coke introduced its buy Monday at precisely 8:24 a.m. to commemorate the 2 jersey numbers Bryant wore throughout his NBA tenure. 

The BodyArmor transfer marks the biggest single quantity Coke has ever paid for a beverage model. Coke purchased Glaceau water for $4.1 billion in 2007 and paid $5.1 billion in 2018 for Costa Espresso. 

Firm officers are actually working “on the next stage of growth” for BodyArmor, Coca-Cola North America President Alfredo Rivera stated in an announcement. Coke stated it expects BodyArmor to generate roughly $1.4 billion in gross sales this 12 months. 

BodyArmor is the No. 2 sports activities drink model, Coke stated, rivaled solely by Gatorade, which is owned by PepsiCo. Powerade, which Coke additionally owns, is the No. 3 sports activities drink. 

Coke is predicated in Atlanta, however the firm stated BodyArmor will likely be housed out of a separate enterprise operation in New York and overseen by BodyArmor co-founder Mike Repole. Repole stated he began the drink a decade in the past and now it has grown to 400 workers.

“If it wasn’t for Kobe Bryant’s vision and belief, BodyArmor would not have been able to achieve the success we had,” Repole, who additionally developed Fuze Beverage and Smartwater, stated in an announcement. 

Bryant’s estate will make about $400 million from promoting its BodyArmor stake, the Wall Road Journal reported

Bryant first invested in BodyArmor in March 2014 for 10% of the corporate, about $6 million, ESPN reported. On the time, Bryant was the third largest investor in the model, forward of massive identify athletes just like the NBA’s James Harden, MLB’s Mike Trout, the NFL’s Rob Gronkowski and the WNBA’s Skylar Diggins-Smith.

Bryant retired from basketball in 2016 after a 20-year profession with the Los Angeles Lakers. He earned $680 million throughout his time in the NBA, Forbes reported. Bryant is considered the most effective gamers in basketball historical past. 

Quickly after retirement, Bryant launched a number of companies together with a movie manufacturing studio, a sports activities academy and a enterprise capital agency. 

Bryant and his 13-year-old daughter, Gianna, have been amongst 9 individuals killed in a helicopter crash in Southern California in January 2020. 

The Related Press contributed to this report. 

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