UK-based smoothie and vegetable convenience specialist innocent has announced that it has agreed a deal for beverage giant Coca-Cola to increase its investment in the company.
While no figures were mentioned by the company, innocent confirmed that the company's founders would retain operational control of the business.
The deal involves Coca-Cola buying the shares of innocent's two original start-up investors, who now want to retire, while each of the founders of innocent will relinquish a minority of their own shares but retain the majority of them.
'The deal is good news for all parties – it allows our original investors to retire and realise the value they helped create. Coca-Cola gets to increase its investment in the business and we strengthen our relationship with a partner that can help out international expansion,' said innocent co-founder Richard Reed. 'Importantly for us, the founders, we keep the majority of our shares and will continue to run the business with full operational control.
'We have worked with Coca-Cola for over a year now and the relationship is going well,' he added. 'They are a great partner to support our mission of getting our natural, healthy food to as many people in as many places as possible.'
James Quincey, Coca-Cola's business unit president for northwest Europe and the Nordics, said that the group was excited to be investing further in innocent's future success.
'We have long admired their brand and their products and believe in the business's long-term growth potential,' Mr Quincey noted. 'Our relationship is working well and the founders will continue to lead the business. We will do all we can to help innocent make its products available to more consumers in Europe.'
The agreement is subject to approval by competent merger control authorities, innocent said.
