Westport, conn. — Investment firm Full Sail IP Partners has acquired the Odwalla brand from the Coca-Cola Co. Financial terms of the transaction were not disclosed.

A maker of bottled smoothies and juice blends, Odwalla was launched in 1980 and acquired by Coca-Cola in 2001 for $181 million. Recent innovations include zero-sugar smoothies and a gut-friendly kombucha-smoothie blend.

Atlanta-based Coca-Cola Co. discontinued the Odwalla brand in August 2020, citing “a rapidly shifting marketplace.”

At that time, Coca-Cola said the decision to discontinue Odwalla was made despite “every effort to support continued production and delivery services” and comes at a time when “it is more important than ever to evaluate where we can improve efficiencies in our business and operations.”

Meanwhile, Alan Kravetz, chief executive officer of Full Sail, said the investment firm is excited to bring Odwalla on board as its first acquisition.

“We’re thrilled that Odwalla, with its long history of innovation, high levels of brand awareness and reputation for great products, will be our first acquisition,” Mr. Kravetz said. “We look forward to providing consumers with the best tasting, artfully crafted functional beverages and foods to allow them to snack well, feel well and live well.”

Backed by Warburg Pincus, a global growth investor, Full Sail’s mission is to acquire brands and create new opportunities for growth and expanded relevance through a transformational brand licensing business model.