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Monster Beverage Corp. has been granted court approval to acquire Bang Energy for $362 million, ending the rivals' litigation in Chapter 11 bankruptcy, Bloomberg reports. The decision, while still pending Federal Trade Commission review, saves approximately 300 jobs and is considered the optimal outcome, averting Bang's liquidation.
Failure to proceed with the sale to Monster would have resulted in liquidation and the loss of 700 jobs for Bang. However, the sale was deemed the best option by the judge, saving at least 300 jobs, as reported by Bloomberg. It is important to note that the sale is still pending and subject to standard closing conditions.
Bang Energy was launched in 2012 by Jack Owoc, the founder of its parent company, Vital Pharmaceuticals. The brand gained popularity with its vibrant cans and unique flavors like "Birthday Cake Bash" and "Radical Skadattle." In 2020, IRI Worldwide reported $300 million in sales for Bang, naming it the leading food and beverage "pacesetter."
Despite its initial success, sales declined by 27% in the third quarter of 2022, according to Food Navigator. Facing challenges, including legal issues, Bang and Vital Pharmaceuticals filed for bankruptcy in October 2022, as reported by industry publication FoodDive. Jack Owoc was also removed from his positions on the board of directors and as CEO in March 2023.
Monster and Bang Energy, known for their creator partnerships on TikTok, previously clashed in court when Monster sued Bang for false advertising and other misconduct. A jury awarded Monster $293 million in damages. The rivalry stemmed from Bang's claims of including creatine in its drinks, which Monster argued would mislead customers.
In April, Monster sought a court order to stop Bang from using "Super Creatine" in its marketing, citing potential financial losses. Despite Bang's concerns about destroying existing cans, Monster emerged victorious again. According to Bloomberg, the judge who authorized the sale of Bang to Monster would also accept a resolution to the false advertising lawsuit Vital Pharmaceuticals was facing.
Photo: Christian Wiediger/Unsplash
