The Coca-Cola Co. has sold the Zico coconut water brand back to the original founder, PowerPlant Ventures. The new company, now called Zico Rising, has enlisted industry veterans Thomas Hicks and Alan George to lead the brand as CEO and CFO, respectively, alongside original co-founder Mark Rampolla.
“I respect the decision of Coca-Cola to focus on other elements of their beverage business,” said Rampolla in a statement. “I still have a lot of love for Zico, and I know consumers do too. We are thrilled to acquire the company and thankful for the support from Coca-Cola.”
“We are incredibly proud of the results we achieved growing Zico when it was a part of the Coca-Cola family of brands and wish PowerPlant Ventures continued success as they take the ZICO brand on a new journey,” said Manolo Arroyo, global chief marketing officer of The Coca-Cola Co., in a statement.
Related: Coca-Cola to Cut 2,200 Jobs; Coca-Cola Discontinues Zico Coconut Water.