O.N.E., a Los Angeles, Calif.-based coconut water company, has received an additional investment from PepsiCo, Inc. (NYSE: PEP), and Catterton Partners.
With the transaction, whose amount remained undisclosed, PepsiCo acquired a majority stake in the company.
As also stated by O.N.E. Founder and CEO, Rodrigo Veloso, this second round by PepsiCo and Catterton Partners will enable the company to bring coconut water to mass market in 2011. Supply had been a limiting factor for coconut water producers in 2010 and, for this reason, O.N.E. has developed partnerships with three large coconut processors in the world, based in the Philippines and Indonesia.
With the investment, distribution of the full line of the company’s coconut water-based beverages – including O.N.E.™ Coconut Water, O.N.E.™ Active, and O.N.E.™ Kids – will extend beyond the current predominantly warehouse distribution to include expanded DSD distribution through PepsiCo’s bottling arm, Pepsi Beverages Company, in 2011.