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Coca-Cola explores sale of Costa Coffee as growth falters
Reports suggest that Coca-Cola is working with Lazard to review options for Costa Coffee, including a potential sale, as the company rethinks its $5 billion bet on the global coffee market.
Coca-Cola is weighing options for its British coffee chain, Costa, including a potential sale, according to reports. The beverage giant is working with the investment bank Lazard to explore strategic alternatives, a Reuters report stated. The company has held early-stage talks with a handful of potential buyers, including private equity firms, Sky News first reported. Indicative offers are expected later this year, though a sale is not assured, the outlet reported.
Coca-Cola acquired Costa Coffee in 2018 for more than $5 billion, a bet aimed at strengthening its position in the global coffee market against rivals like Starbucks and Nestlé. Costa, which operates in about 50 countries, would represent one of the largest divestments for Coca-Cola under Chief Executive James Quincey.
Deal-making in the packaged food and beverage industry has accelerated in recent months, as companies look for scale to offset inflation and adapt to shifting consumer preferences for healthier options.
Quincey hinted last month that changes to Costa’s strategy could be coming. “Our investment in Costa is not where we wanted it to be from an investment hypothesis point of view,” he told analysts on an earnings call. “We’re in the mode of reflecting on what we’ve learnt, thinking about how we might want to find new avenues to grow in the coffee category, while continuing to run the Costa business successfully.”
In the United States, Coca-Cola has also sought to reposition its brands in response to consumer health concerns. Last month, the company said it would begin using real cane sugar in some American products, aligning with Health Secretary Robert F. Kennedy Jr.’s “Make America Healthy Again” campaign.
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