US energy drinks company Monster Beverage Corporation on Monday said it has completed the acquisition of Vital Pharmaceuticals, the owner of rival brand Bang Energy, for approximately $362 million (£282m).
The acquired assets include Bang Energy beverages and a beverage production facility in Phoenix, Arizona.
“We are enthusiastic about the opportunities this acquisition presents to us and believe that the Bang brand will fit well within our broader portfolio of energy drink brands,” Rodney Sacks, chairman and co-chief executive of Monster Beverage Corporation said.
Hilton Schlosberg, vice chairman and co-chief executive, added: “We are pleased to add Bang Energy beverages, with their distinct market positioning and loyal consumer base, into our energy drink portfolio. As part of the transaction, we are also acquiring a state-of-the-art beverage plant in Phoenix, and we will be increasing production at this facility to accommodate certain of our other brands.”
Vital Pharmaceuticals has filed for bankruptcy protection in October last year, soon after losing a $293m lawsuit against Monster Beverage for false advertising and interfering with its rival’s dealings with retailers.
