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Financials : Banks | Large Cap Value
Company profile

Bank of America Corporation is a bank holding company and a financial holding company. The Company is a financial institution, serving individual consumers and others with a range of banking, investing, asset management and other financial and risk management products and services. The Company, through its banking and various non-bank subsidiaries, throughout the United States and in international markets, provides a range of banking and non-bank financial services and products through four business segments: Consumer Banking, which comprises Deposits and Consumer Lending; Global Wealth & Investment Management, which consists of two primary businesses: Merrill Lynch Global Wealth Management and U.S. Trust, Bank of America Private Wealth Management; Global Banking, which provides a range of lending-related products and services; Global Markets, which offers sales and trading services, and All Other, which consists of equity investments, residual expense allocations and other.

Postmarket

Last Trade
Delayed
$35.52
-0.01 (-0.03%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$35.53
Day's Change
-0.26 (-0.73%)
Bid
--
Ask
--
B/A Size
--
Day's High
35.94
Day's Low
35.50
Volume
(Light)
Volume:
41,104,976

10-day average volume:
56,491,969
41,104,976

Founder of ZICO Coconut Water Re-Acquires Brand from The Coca-Cola Company

5:00 am ET January 14, 2021 (BusinessWire) Print

PowerPlant Ventures announced today that the fund has acquired ZICO coconut water from The Coca-Cola Company (NYSE: KO). PowerPlant Ventures, a growth equity investor, was co-founded and is co-led by Mark Rampolla, who is the brand visionary behind ZICO, which he founded in 2004 and sold to The Coca-Cola Company in 2013. Terms were not disclosed.

Rampolla first discovered coconut water and its natural replenishing properties as a Peace Corps volunteer in Central America. Later, as a corporate executive traveling across Latin America and Asia, he realized there was a well-developed infrastructure for coconut meat and oil, but coconut water was mostly discarded as a waste product.

Rampolla set out to create not just a new brand but an entire new health beverage category that would be environmentally sustainable and create economic opportunities in developing countries across the world. He quit his corporate career, moving with his young family from El Salvador to New York to launch ZICO in 2004. Under Mark's leadership, ZICO delivered nine years of explosive growth, becoming one of the fastest-growing beverage brands in the world. ZICO was acquired by The Coca-Cola Company in 2013.

"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 Company.

The new company, named ZICO Rising, will be a homecoming for ZICO under the PowerPlant Ventures portfolio, as well as a new beginning for the beverage brand. PowerPlant has enlisted industry veterans Thomas Hicks and Alan George to lead the brand as CEO and CFO, respectively. Hicks and George have long-standing, impressive track records, with the pair having worked together to advance both Naked Juice and Monster Energy's Natural Division.

"I respect the decision of Coca-Cola to focus on other elements of their beverage business," said Rampolla. "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."

For more information on ZICO Rising, please visit www.zicorising.com.

About ZICO Rising

Founded in 2004 by Mark Rampolla, ZICO (pronounced Zee-co) is the maker of pure premium coconut water. With five electrolytes, as much potassium as a banana and low acidity, ZICO provides a natural, refreshing way to hydrate, replenish and renew. You used to have to shinny up a tree and machete-open a coconut to experience this miracle. Not anymore. We climbed the tree for you. ZICO Rising is headquartered in Long Beach, California.

About PowerPlant Ventures

PowerPlant Ventures (PPV) is a growth equity fund committed to transforming the world's health through the power of people, plants, and purpose-driven companies. For more information about the fund visit www.powerplantvc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210114005181/en/

SOURCE: PowerPlant Ventures

Media Contact: 
Rebecca Campbell
rcampbell@konnectagency.com
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