Keurig Dr Pepper Acquires Ghost for $990M
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.
