Henderson-based energy drink maker being acquired in over $1 billion deal

Keurig Dr Pepper is spending more than $1 billion on a growing energy drink.

The beverage maker on Thursday announced an agreement to acquire Ghost, a Henderson-based energy drink maker whose sales have more than quadrupled over the past three years.

KDP will make an initial cash investment of roughly $990 million in exchange for a 60 percent stake in Ghost. It will purchase the remaining 40 percent in 2028 “at a pre-negotiated valuation scale.”

Starting in mid-2025, KDP expects to invest up to $250 million to transition Ghost Energy’s distribution agreements before beginning to sell and distribute the brand through KDP’s direct store delivery network.

KDP has been investing in growth as it seeks to bolster its opportunities in promising categories. For example, it unveiled an equity investment in 2022 in Nutrabolt, a global active health and wellness company with a portfolio of brands, including C4 Energy.

“Ghost is a differentiated brand with significant growth potential, and we are excited to partner with its founders to take the business to the next level,” Tim Cofer, KDP chief executive officer, said in a statement. “This acquisition strengthens our position in the attractive energy drink category, accelerating our portfolio evolution toward consumer-preferred, growth-accretive spaces through a disciplined deal structure.”

Ghost will continue to be led by co-founders, Dan Lourenco and Ryan Hughes, and will operate as part of KDP’s U.S. Refreshment Beverages segment.