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In this episode of The Exit, Mark Rampolla, founder of ZICO Coconut Water and Managing Partner at GroundForce Capital, shares the full-circle journey of building ZICO from scratch, selling it to Coca-Cola, and later buying it back when the beverage giant offloaded brands during COVID. Mark reflects on the lessons learned from scaling a purpose-driven business, negotiating with a Fortune 500 acquirer, and knowing when to walk away, or come back.
Key Takeaways
From Peace Corps to Entrepreneurship
Mark began his career far from Silicon Valley — as a Peace Corps volunteer in Central America in the 1990s, working on microfinance and sustainability programs. That experience shaped his global mindset and passion for purpose-driven ventures
The First Ventures & Lessons Learned
His first startup—a handmade candle import business—failed fast, teaching him the value of humility and quick learning. Later, while running a 300-person division at International Paper in Latin America, he decided to pursue entrepreneurship full-time and launched ZICO
Building ZICO: The Early Days
With $1M raised from family and Latin American investors, Mark launched ZICO Coconut Water—initially from a garage-turned-global HQ. The brand was early in the coconut water boom, but traction came slowly. Focused on sustainable growth, Mark rebuilt his team with beverage experts and concentrated distribution in New York City, taking an “inch wide, mile deep” approach that impressed investors and buyers alike
The Coca-Cola Deal
After five years, ZICO caught Coca-Cola’s attention. They offered a minority investment with a path to full acquisition. Mark’s negotiation strategy was simple but bold: he set a non-negotiable valuation floor, ensuring the deal reflected ZICO’s potential. The partnership gave ZICO national scale while preserving the brand’s identity. Eventually, Coca-Cola acquired the company outright as part of its functional beverage expansion
Lessons on Negotiation & Valuation
Mark emphasizes knowing your worth and keeping leverage, even when facing industry giants. His three-tiered negotiation plan, sell, fund, or buyback, kept Coca-Cola accountable and gave him control over the outcome. He also highlights the importance of showing strategic buyers a path to 10x growth: they pay for future potential, not just present performance
Timing is Everything
Coca-Cola’s move came after paying $4.2B for Vitamin Water and wanting in early on the next big trend. Meanwhile, Pepsi’s investment in Brazil’s coconut supply chain created urgency. ZICO’s 100% year-over-year growth made it the perfect acquisition target
The Comeback: Buying ZICO Back
Years later, amid COVID, Coca-Cola cut 200+ brands, including ZICO. Mark bought the company back, restoring its independence and returning it to profitability. By 2024, ZICO was again approaching its pre-acquisition performance, a rare and inspiring full-circle story
GroundForce Capital & What’s Next
Today, through GroundForce Capital, Mark invests in mission-driven consumer brands that prioritize sustainability, culture, and purpose, helping founders prepare for exits with both profit and impact in mind
Final Advice
“Build it to last. Do great work, and the outcome will take care of itself.”
Mark’s philosophy is clear: focus on fundamentals, sustainable growth, loyal customers, strong margins, and an enduring brand. Prepare your business and yourself, but let quality and integrity drive the outcome. When you build something to last, opportunities, like ZICO’s revival, will always find their way back to you.
Personal &/or Company Bio:
Mark Rampolla is a visionary entrepreneur, investor, and author dedicated to empowering mission-driven leaders and building businesses with purpose. As cofounder and comanaging partner of GroundForce Capital, he helps bold founders scale companies that create lasting impact. He previously founded ZICO Coconut Water, pioneering the multibillion-dollar coconut water category and selling the brand to Coca-Cola before famously buying it back. Over his career, Mark has invested in more than 100 companies, served on over 20 boards, raised over $1 billion in capital, and generated over $5 billion in enterprise value. A former Peace Corps volunteer and corporate executive, he is the author of High-Hanging Fruit as well as the soon to be released An Entrepreneur’s Guide to Freedom, and continues to inspire entrepreneurs to break free from constraints and lead with true freedom.
Websites – https://www.groundforcecapital.com/
– https://www.markrampolla.co/
Pre-order his book – https://a.co/d/3c5nOSD
