How two beverage fanatics forged a $1.65 billion deal that made Keurig Dr Pepper a major player overnight in the industry’s hottest segment

(Credit: David Paul Morris—Bloomberg/Getty Images)

Last year, just two months into his new job as CEO of Keurig Dr Pepper, Tim Cofer was eyeing what he viewed as a transformative deal. The company had long thirsted for a way into the lucrative and fast-growing energy drink segment, that over recent years has become the beverage world’s hottest category. Though KDP—No. 284 on the Fortune 500—had decent sales with its existing brand, C4, focused on the workout segment, as well as Black Rifle, a veteran-founded and “unapologetically American” brand, the new CEO knew KDP needed something new in the mix.

But he didn’t want just any energy drink. He wanted Ghost.