Under the terms of the agreement, FMBV purchased 100% of Mojito Brands and its registered trademark Mojava. The acquisition gives FMBV an entry into the $1.2bn RTD specialty coffee market. Mojava will be marketed through FMBV’s wholly owned subsidiary, Performaxx Brands Inc.
Dean Petkanas, director of FMBV, said: “One of the greatest opportunities in capturing growth in the coffee beverage industry remains in the subcategories – iced coffee and ready-to-drink coffee. Of the approximately $1.2bn in sales of RTD coffee for 2008, Starbucks remains the leader, claiming approximately 85% of the total market sales. We see an excellent opportunity here to capture market share within this segment, with Mojava acting as a lead in to acquire other products in this space. We’re excited to be in the iced coffee arena and one that Jon Luther, chairman of Dunkin Donuts, called ‘the sweet spot where the product meets the customer’s wallet’.”
Source: Full Motion Beverage Inc
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