Pepsi raises stake in coconut water company

PURCHASE, N.Y. — PepsiCo has upped its investment in O.N.E., a coconut water company.

Terms of the transaction were not disclosed, but PepsiCo noted that it now has the majority stake in the company.

"Coconut water is one of the fastest-growing categories in the U.S. beverage market, and one in which we see a great deal of potential. Our investment in O.N.E. is an investment in the future," said Massimo d'Amore, CEO of PepsiCo Beverages Americas.