The Coca-Cola Co. of Atlanta has exercised its option to acquire the remaining portion of Bethesda-based Honest Tea Inc., an organic bottled tea company.
Coca-Cola bought a 40 percent stake in Honest Tea in 2008 for $43 million. The companies did not disclose how much Coca-Cola paid to acquire the rest of the Bethesda company.
Honest Tea will continue to be based out of Bethesda, and will continue to operate as a stand-alone business under founder and CEO (his title is TeaEO, according to a news release) Seth Goldman, his management team and current employees.
The companies said Goldman has chosen to reinvest most of his proceeds from the sale back into Honest Tea.