Three 6 Mafia’s Juicy J invested in CORE Hydration not knowing what the results would yield. It looks like his intuition may have paid off. CORE Hydration, a premium bottled company, announced that it will be acquired by Keurig Dr. Pepper in a deal valued at $525 million, or approximately $435 million net of anticipated tax benefits.Juicy J not only endorsed the product but made an investment alongside other celebs including Katy Perry, Becky G, Diplo, and Max Martin. The brand, CORE Nutrition LLC, has been on a steady incline since inception in 2015 with a portfolio that now includes CORE Hydration, a premium, nutrient-enhanced bottled water, and CORE Organic—USDA-certified organic enhanced fruit hydration—both currently distributed by KDP. The acquisition will be funded with KDP common stock, net of KDP’s current equity investment and certain other contractual adjustments. According to the release, the company expects the transaction to be neutral to KDP’s adjusted diluted earnings per share in 2019 and accretive thereafter.
Sequoia Blodgett is a Reporter for Black Enterprise. She is also the founder of Commas, a virtual entrepreneurship resource center that provides everything you need to know about product development, marketing, publicity, and fundraising, to make your entrepreneurial journey a lot less stressful.