The thirst is real! As reported by Forbes, the Alkaline Water Company, maker of Alkaline88 announced it is acquiring AQUAhydrate, the bottled water that has the backing of hip-hop impresario Sean “Diddy” Combs and actor Mark Wahlberg.
Alkaline Water Co. Inc. has entered into an all-stock deal to acquire the Los Angeles-based bottled water company, The two water companies plan on working together to enter the realm of CBD-infused products, a booming market being explored by many companies expanding around the popular cannabinoid.
Combs and Wahlberg have invested more than $20 million into the development of Aquahydrate.
“We built AQUAhydrate from the ground up by securing deals with the largest retail grocery outlets, creating innovative partnerships and evolving the brand,” Combs said in a statement. “Today, I am confident that we are creating a powerhouse by combining AQUAhydrate with one of the largest, fastest-growing alkaline water companies in the world. I look forward to this next stage of growth as we build one of the most recognizable brands for premium water.”
“When Sean and I first got involved in the business, our vision was to build a lifestyle company focused on health and wellness, and that’s what we’ve done,” Wahlberg said. “The AQUAhydrate and Alkaline88 brands align well and will support exciting innovations in flavors, sparkling, and CBD products.”
In a statement, Alkaline said the company expects sales of $65 million in fiscal 2020. Alkaline’s sales during the last fiscal year were $32.3 million.
“The acquisition of AQUAhydrate is an unprecedented opportunity that allows The Alkaline Water Co. to cement itself as a leader in various multibillion-dollar segments, which include premium water, functional & wellness, and the CBD market,” said Richard Wright, president & CEO of The Alkaline Water Co, in a statement. “We believe that post-acquisition, we will attract a more diverse consumer base, offer product differentiation and innovative brand extensions to become a major independent force in the beverage sector.”
In addition to being principle investors, Combs and Wahlberg are celebrity endorsers along with fitness trainer Jillian Michaels.