PepsiCo has agreed to acquire probiotic drinks maker KeVita to expand its health and wellness offerings in the chilled beverage space.
Financial terms of the transaction were not disclosed.
KeVita offers functional beverages under three product lines: Sparkling Probiotic Drink, Master Brew Kombucha and Apple Cider Vinegar Tonic.
All Kevita beverages, which are now in over 20,000 retail locations across North America, feature live probiotics and are certified organic, non-G.M.O., gluten-free and vegan.
The company has production and bottling facilities in Oxnard, California.
PepsiCo Premium Nutrition general manager and vice president Chris Lansing said: “Under the leadership of CEO Bill Moses, KeVita has become an innovative, high–growth brand that is transforming the functional beverage space.
"This announcement is further evidence of PepsiCo's focus on delivering Performance with Purpose by continuing to evolve our health and wellness offerings to meet consumers' changing needs."
KeVita will continue to operate independently even after the acquisition, which is subject to regulatory approval.
KeVita CEO and co-founder Bill Moses said: “Joining the PepsiCo family will give us an opportunity to extend KeVita's trend-forward beverages to a broader audience, while staying committed to our core values.
“We're looking forward to more consumers experiencing the KeVita brand and to leveraging PepsiCo's marketing and distribution capabilities.”
Prior to the acquisition, PepsiCo already had a minority stake in the kombucha beverage brand besides a distribution agreement.