Coca-Cola Co. on Sept. 14 announced a deal to sell its Odwalla beverage brand, which had been on the market, to Full Sail IP Partners, a new venture fund created by Warburg Pincus and LMCA. The price was not disclosed.
Odwalla was founded in Santa Cruz, Calif., in 1980 "by three jazz musicians" and acquired by Coca-Cola in 2001. Coke grew the brand from fruit juices to smoothies to energy bars. But in July 2020, following a portfolio review, Coke listed it among a handful of brands it was discontinuing.
The Wall Street Journal reported the move will cut about 300 jobs and require the sale of 230 refrigerated delivery trucks, which also carry Coca-Cola's Simply orange juice and Fairlife milk. The Sept. 14 announcement didn't mention any physical assets being transferred, beyond the brand name, to the new owners.
"We're thrilled that Odwalla, with its long history of innovation, high levels of brand awareness and reputation for great products, will be our first acquisition," said Alan Kravetz, Full Sail's CEO.
Full Sail IP Partners described itself: "Full Sail acquires brands and creates new opportunities for growth and expanded relevance through a transformational brand licensing business model. Backed by Warburg Pincus, a leading global growth investor, and powered by LMCA, one of the innovators of corporate brand extension licensing, Full Sail is focused on building a portfolio..."
