(Reuters) Pepsi Bottling Group Inc (PBG.N) and Catterton Partners said on Tuesday that they each made an equity investment in O.N.E., a coconut water company, just weeks after Coca-Cola Co (KO.N) took a minority stake in coconut water company ZICO Beverages LLC.
Pepsi Bottling will also distribute O.N.E.’s drinks in Southern California and South Florida.
Financial terms of the distribution agreement and the equity investments by Pepsi Bottling and Catterton, a consumer-focused private equity firm, were not disclosed.
Pepsi Bottling, the largest bottler and distributor of PepsiCo Inc (PEP.N) drinks, will start distributing O.N.E. drinks in the fourth quarter. The company’s products include coconut water and a coffee fruit drink.
Other parties also invested in ZICO along with Coca-Cola. (Reporting by Jessica Wohl, editing by Gerald E. McCormick)