PepsiCo Acquires SoBe

November 1, 2000

1 Min Read
PepsiCo Acquires SoBe

PepsiCo Acquires SoBe

PURCHASE, N.Y.--On Oct. 30, soft drink conglomerate PepsiCo Inc. announcedthat it reached a definitive agreement with Norwalk, Conn.-based South BeverageBeach Co. (SoBe) to acquire a 90-percent stake in the company. Reportedly,industry insiders say SoBe was bought for $370 million, although both companiesdeclined to confirm this figure.

According to PepsiCo, SoBe will be operated as a separate unit, andco-founder and chief executive John Bello, who once worked as a marketingmanager at PepsiCo, will retain his position and an equity stake in SoBe.According to SoBe, distribution will be re-evaluated market by market, andPepsiCo plans to invest in the SoBe brand, including a possible upgrade inequipment. SoBe will continue to be based out of Connecticut.

Coca-Cola Co. had been in talks with SoBe, but after its no-shop clauseexpired with Coke, Pepsi hurriedly made the most of the opportunity.

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