Keurig Dr Pepper has entered into an agreement to buy a 60% stake in US energy-drink maker Ghost for $990m, with a plan to purchase the rest in 2028 as part of moves to refresh its beverages portfolio.
Founded in 2016, GHOST is a sports nutrition business with a portfolio anchored by its ready-to-drink energy brand. Its net sales have more than quadrupled over the past three years, and Ghost Energy is one of the fastest-growing brands in the category, characterised by its distinctive flavours and packaging.
Ghost will continue to be led by its co-founders, Dan Lourenco and Ryan Hughes, and will operate as part of KDP’s US Refreshment Beverages division.
The proposed transaction will substantially increase KDP’s presence in the energy drink category, a key growth market. Ghost also has a presence in supplements and emerging positions in other liquid refreshment beverages.
Tim Cofer, KDP Chief Executive Officer, said: “Ghost is a differentiated brand with significant growth potential, and we are excited to partner with its founders to take the business to the next level. This acquisition strengthens our position in the attractive energy drink category, accelerating our portfolio evolution toward consumer-preferred, growth-accretive spaces through a disciplined deal structure.”
He continued: “The energy category is poised for continued long-term growth, which KDP expects to increasingly capture through our platform-based approach. KDP’s portfolio of complementary energy brands is aligned against distinctive consumer need states, and, together, these offerings will unlock significant growth and scale benefits across our entire DSD portfolio.”
Ghost CEO and Co-Founder Dan Lourenco added: “We could not be more excited to build the future of Ghost together with KDP. As we thought about our company’s next chapter, KDP’s track record of cultivating disruptive brands, similar challenger mindset, and shared vision for the energy category and beyond made it the right home for our brand and team.
“We are excited to pair KDP’s insights and capabilities with our products and people and know that together, we will continue to scale and build Ghost towards our vision of a 100-year brand.”
