Keurig Dr Pepper (KDP) recently announced a definitive agreement to acquire GHOST Lifestyle LLC and GHOST Beverages LLC, collectively known as "GHOST." Established in 2016, GHOST® has made its mark as a lifestyle sports nutrition brand, with its portfolio prominently featuring GHOST® Energy, a ready-to-drink energy drink. Over the last three years, GHOST’s net sales have more than quadrupled, highlighting its rapid growth. Known for its unique brand identity, innovative flavors, eye-catching packaging, and strong appeal to consumers, GHOST Energy has become one of the fastest-growing brands within the energy drink category. This acquisition is expected to expand KDP’s footprint in the energy sector, aligning with its strategy to grow within high-demand beverage categories.
Under the terms of the agreement, Keurig Dr Pepper (KDP) will initially acquire a 60% stake in GHOST, with plans to purchase the remaining 40% by 2028. The deal, which awaits standard closing conditions, is expected to close in late 2024 or early 2025. After the acquisition, GHOST will remain under the leadership of its co-founders, Dan Lourenco and Ryan Hughes, and will be integrated into KDP’s U.S. Refreshment Beverages segment. This staged acquisition approach allows GHOST to continue expanding its unique brand within KDP's portfolio, while benefiting from the resources and scale KDP brings.
In the second phase of Keurig Dr Pepper's (KDP) acquisition of GHOST, the remaining 40% stake will be acquired in 2028 at a pre-agreed valuation range tied to GHOST’s financial performance in 2027. KDP plans to invest up to $250 million, beginning in mid-2025, to transition GHOST Energy’s current distribution arrangements. This strategic investment will support the integration of GHOST Energy into KDP’s direct store delivery network, allowing KDP to directly manage the brand’s distribution and expand its reach in the market.
Source: KDP
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