Private Equity fund PowerPlant Ventures has announced the acquisition of ZICO coconut water from The Coca-Cola Company.

PowerPlant Ventures was co-founded by Mark Rampolla, who established ZICO in 2004 and sold to The Coca-Cola Company in 2013.

Featuring five electrolytes, ZICO offers a natural, refreshing way to hydrate and renew.

The company claims that the premium coconut water contains potassium and comes with low acidity levels.

Financial details of the deal remain undivulged.

Rampolla said: “I respect the decision of Coca-Cola to focus on other elements of their beverage business. I still have a lot of love for ZICO, and I know consumers do too. We are thrilled to acquire the company and thankful for the support from Coca-Cola.”

Zicos will be part of a new company, ZICO Rising, headquartered in Long Beach, California, under the PowerPlant Ventures portfolio.

The Coca-Cola Company global chief marketing officer Manolo Arroyo said: “We are incredibly proud of the results we achieved growing ZICO when it was a part of the Coca-Cola family of brands and wish PowerPlant Ventures continued success as they take the ZICO brand on a new journey.”

PowerPlant announced that the industry veterans including Thomas Hicks and Alan George would the brand as CEO and CFO.

The two veterans worked together to advance both Naked Juice and Monster Energy’s Natural Division.