Coca-Cola to increase investment in smoothie company innocent
The Coca-Cola Company has entered into an agreement with UK-based smoothie company innocent to acquire the majority of the founders' remaining shares in the company.
innocent will continue to be run by a home-grown innocent management team and its founders will retain a minority equity holding and sit on an executive committee.
The executive committee will support the business as it begins its next exciting phase of innovation and international expansion.
Coca-Cola Europe group president James Quincey said that the company's earlier investment in innocent has accelerated its expansion.
"We remain confident in the long-term growth potential of the company and the team and consider the brand values as fundamental to continued success," Quincey added.
"We are excited about the future and getting innocent's products to more people in more countries with the valuable input and continued support of the founders."
innocent co-founder Richard Reed said: "Importantly for us, the business will be run by a home-grown innocent team in the same unique innocent way, with the founders remaining involved to support the business in the years ahead."
The transaction is subject to governmental approvals.