The Coca-Cola Company today announced that it had signed Letters of Intent for the granting of territories in the greater Chicago area to J. Christopher and M. Jude Reyes of Reyes Holdings, L.L.C., and in Central Florida - including Tampa/St. Petersburg - to Troy Taylor, who will be the Chairman and Chief Executive Officer of the new Florida bottler.
The two new transactions announced today are subject to the parties reaching Definitive Agreements during 2014. The parties are committed to working together to implement a smooth transition with minimal disruption for customers, consumers and System associates. Financial terms were not disclosed.
Century Beverage Partnership Model underscores the strength of our franchise System,” said Muhtar Kent, Chairman and Chief Executive Officer, The Coca-Cola Company. “With the addition of these two partners we continue to transform our U.S. business and move closer to achieving our 2020 Vision.”
Reyes Holdings is one of the largest global providers of food and beverage distribution services. Its operations span North, Central and South America, as well as Europe, the Middle East and Asia Pacific. Annually, the company delivers more than 800 million cases of high-quality, well-known beer and food products from 120 strategically located warehouses.
“The Reyes family has been tremendously successful in helping drive strong brands in mature markets, and they will be invaluable to our System,” said Sandy Douglas, Group President, Coca-Cola North America.
“We are proud to be new members of the Coca-Cola family,” said J. Christopher Reyes, Founder and Co-Chairman of Reyes Holdings. “We intend to use our distribution experience to ensure that the refreshing taste of Coca-Cola is within ‘an arm’s reach of desire’ for thirsty people throughout the Greater Chicago area.”
Troy Taylor will be the Chairman and Chief Executive Officer of the new bottling company that will serve Central Florida, including Tampa/St. Petersburg. With more than 20 years of business leadership experience, Taylor has significant knowledge in leading strategic initiatives and transactions for franchise-related businesses, including multiple Coca-Cola-related investments.