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Keurig Dr Pepper (KDP) has announced the acquisition of GHOST Lifestyle LLC and GHOST Beverages LLC. GHOST®, founded in 2016, is a lifestyle sports nutrition business known for GHOST® Energy, a top ready-to-drink energy brand. The brand’s sales have quadrupled in the past three years, with GHOST Energy being one of the fastest-growing in its category due to its unique identity, flavors, packaging, and consumer appeal.
Initially, KDP will purchase a 60% stake in GHOST, followed by acquiring the remaining 40% in 2028. The first phase is expected to close late 2024 or early 2025, subject to standard closing conditions. GHOST will operate under KDP’s U.S. Refreshment Beverages segment, led by co-founders Dan Lourenco and Ryan Hughes.
This acquisition will strengthen KDP’s presence in the energy drink category, expanding its consumer base. The company’s energy portfolio will now cover lifestyle, performance, and major occasions in the category, alongside supplements and other liquid refreshment beverages. The deal is projected to be neutral to slightly accretive to adjusted EPS by 2025.
KDP will invest approximately $990 million initially for the 60% stake, with an estimated net present value of $140 million in cash tax benefits. The enterprise valuation represents a 3x net revenue multiple based on 2024 projections. In 2028, KDP will purchase the remaining 40% based on GHOST’s performance. By mid-2025, KDP plans to invest up to $250 million to transition GHOST Energy distribution agreements to its direct store delivery network.
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Emil Kovács graduated from the Journalism program at Eötvös Loránd University in Hungary. During his journalism studies, he focused on data journalism, investigative reporting, and multimedia storytelling. He gained experience by writing for the university’s student newspaper, where he gained attention for his articles on social issues. After graduation, Emil began working as a reporter at a European news agency, where he conducts in-depth analyses of international news and current events.
