October 25, 2024 - News

Keurig Dr Pepper Acquires Ghost for $990M

Bringing Gen Z energy to Big Food.
Ghost Energy
Ghost

Energy drinks show no signs of crashing.

The news: Keurig Dr Pepper bought a 60% stake in sports nutrition brand GHOST for $990M, with plans to acquire the rest of the business—spanning supps, merch, and more—in 2028.

Investing in better-for-you buzz, KDP also owns 30% of C4 Energy parent company Nutrabolt, plus stakes in NA beer company Athletic Brewing and coffee maker La Colombe.

Founded in 2016, GHOST has 4x’d sales in the last three years. Taking a cue from streetwear culture, it built hype with nostalgic collabs and limited drops — teaming with brands from Sour Patch Kids to Space Jam to win gym-goers, ravers, and gamers alike.

Revved up. An unceasing category, energy drink sales gained ~10% last year. Reimagining Red Bull, newcomers are cleaning up ingredient labels and selling lifestyles.

  • Endorsed by Kim K and Brittany Mahomes, Alani Nu is unapologetically feminine.
  • Focused on fitness and sport, Celsius scored an investment from PepsiCo in 2022.
  • Leveraging Logan Paul’s influence, Prime surpassed $1B in sales last year, but ‘24 brought a downslide and slew of lawsuits.

Recent entrants, Huel and Bloom put their spin on functional fuel. And for high-performers or hippies, natural options like mushroom-, mate-, and ketone-based bevs are hitting shelves.

Takeaway: No doubt, young brands are improving the category and winning consumers with more transparency, fresh vibes, and fun flavors. Still, better doesn’t always mean healthy.

Jasmina Breen
Jasmina Breen
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