, BevNET Staff Writer
In the wake of a financial statement in which the company
reported profits falling by 93 percent, Boo Koo Beverage Company is changing
its name, changing its focus, and bringing in new old blood in the form of
industry veterans.
The company will change its name – pending shareholder
approval – to Performing Brands Inc. and will broaden its lineup beyond energy
drinks to include health, wellness and functional beverages, including the June
launch of Boo Koo Burner, which will combine energy with protein.
“(Consumers) are looking for more functionality and
obviously looking for benefits within these (energy) drinks other than another
me-too,” said Boo Koo Chairman Steven Solomon.
To help with that realignment, Boo Koo has added three
industry veterans to the board of directors: Gil Cassagne,
former CEO of Cadbury Schweppes Americas Beverages, Jack Belsito, former
President of Snapple Distributors, Inc., and Joe Bayern former Chief Strategy
Officer of Cadbury Schweppes Americas Beverages.
That collection of industry veterans
and their connections to the Dr Pepper Snapple Group raise some interesting
questions about Boo Koo’s intentions.
In the company’s May, 8, SEC filing, it blamed its drastic
drop in revenue on the loss of distribution within the independent Coca-Cola
system – something the Dr Pepper Snapple Group might be able to help with. DPSG
brass strengthened the company prior to its split from Cadbury by buying up
bottlers, and Cadbury bottler George Kalil commented that he thought the
Cadbury spinoff could help the company more nimbly adapt to new beverage trends
– like energy and functional drinks.
Solomon dodged questions on whether he planned to leverage
the board’s connections with the DPSG to solve the company’s distribution
challenges, saying “We haven’t really disclosed our plans on that (distribution)
right now.”
He was clear, however, that the company is not currently
considering selling out to DPSG.
Asked why he became involved with Boo Koo, Belsito said “it’s
an interesting company” before saying he wasn’t currently interested in being
interviewed.
To see the company’s press release, click here.