The functional food and beverage category has seen numerous big acquisition and investment deals in recent years, including The Coca-Cola Co.'s $4.2 billion purchase of Glaceau Vitaminwater in 2007. Although activity slowed dramatically last year, several functional category deals got done. In June 2009, Beverage Holdings LLC (the company behind the Sunny Delight brand) snatched up Bossa Nova Beverage Group, maker of super-fruit beverages, for an undisclosed sum. In September 2009, the functional drink company mix1 received a $6 million funding infusion from Highland Consumer Fund. The niche-but-growing coconut water category attracted beverage giants PepsiCo (which bought Brazil's largest coconut water company, Amacoco, in August) and Coke (which purchased a 20% stake in Zico in September).
“There is still investor...
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