Coca Cola sells ZICO back to original founder

When news leaked last October that beverage giant The Coca-Cola Company was looking to discontinue its ZICO Coconut Water brand as part of a broader culling of its portfolio, private-equity investor Mark Rampolla couldn’t wait to pick up the phone.

Rampolla started Zico a decade later above the garage of his New Jersey home. At the time, the market in the U.S. hadn’t really taken hold and was populated by smaller offerings from companies such as Goya and premium waters being imported from Brazil. Five years later, Rampolla sold a minority stake in Zico to Coca-Cola for $15 million before the beverage giant acquired the rest in 2013.

Zico will be added to the portfolio of PowerPlant Ventures, an equity fund Rampolla co-founded in 2015 that has invested in companies including Beyond Meat, Apeel Sciences and Just. PowerPlant, which is only acquiring the Zico brand name from Coca-Cola, will spend the first year reviewing the business, reestablishing relationships with suppliers and building up production.

Sunpower Group Ltd divests its manufacturing and services business

Sunpower Group Ltd is divesting its manufacturing and services (M&S) business for $463.3 million.

Upon approval of the proposed divestment by Sunpower’s shareholders, the SPV will be 64 percent owned by lead investors Guangdong China Science and Tech-innovation Capital Management Co (CSTC) and CICC Alpha (Beijing) Investment Fund Management Co (CICC Alpha), as well as other China funds and independent minority investors.

CSTC is in the business of private equity and venture capital, and manages more than $2 billion. CICC Alpha’s principal business activities include asset management.