FullSail IP Partners, a Westport investment firm that specializes in acquiring brands, has purchased the Odwalla product line from The Coca-Cola Co. for an undisclosed sum.
Odwalla was launched in 1980 with a line of fruit juices, smoothies, bottled water and energy bars. It went public in 1993 and was acquired by Coca-Cola for $181 million in 2001.
Coca-Cola discontinued the line in July 2020 as part of a downsizing effort fueled by the economic tumult created by the Covid-19 pandemic.
FullSail IP Partners CEO Alan Kravetz told Reuters that his company planned to expand the Odwalla brand beyond the beverage category into food and supplements.
“We think that nutrition, health, wellness, vitamins, minerals – ingredients that really provide health benefits, in addition to tasting good – are the wave of the future,” he said. “We intend to include them in the Odwalla products.”
Reuters also noted this is the first acquisition Full Sail IP Partners has made since its launch as a joint venture between Warburg Pincus and brand licensing consultant LMCA in April.