Walk into any Walmart, Target, 7-Eleven, or gym today and you will almost certainly find a can of Ghost Energy staring back at you. With flavors inspired by Oreo, Sour Patch Kids, Swedish Fish, and soon 7UP and A&W, Ghost has become one of the most talked-about energy drinks in America. But who actually owns it? The answer involves two Chicago friends who built a lifestyle brand from a spare bedroom, a $990 million acquisition by one of America’s biggest beverage companies, and a deal that will not be fully complete until 2028.
What Is Ghost Energy Drink?
Ghost Energy is a ready-to-drink energy beverage produced by Ghost Lifestyle LLC, a consumer brand that also makes nutritional supplements and apparel. The drink is headquartered in Henderson, Nevada, and is known for being one of the first full-disclosure energy drinks — meaning every active ingredient is listed transparently on the nutrition label, with no hidden proprietary blends.
Ghost Energy is sold in over 40,000 retail locations across the United States, including Walmart, Target, Kroger, 7-Eleven, Publix, and GNC. Its sales have more than quadrupled over the past three years, making it one of the fastest-growing brands in the energy drink category.
Who Owns Ghost Energy Drink in 2026?
Keurig Dr Pepper (KDP) is the current majority owner of Ghost Energy Drink. In October 2024, KDP announced it had entered a definitive agreement to acquire Ghost Lifestyle LLC and Ghost Beverages LLC — paying approximately $990 million for an initial 60% ownership stake.
The remaining 40% is still owned by Ghost’s co-founders — Dan Lourenco and Ryan Hughes — who continue to lead the company and run its day-to-day operations. KDP will purchase that remaining 40% stake in 2028, at a valuation based on Ghost’s 2027 financial performance. Until that second stage closes, Ghost remains a majority-owned subsidiary of KDP with its founders still holding meaningful equity.
Ownership and Key Stakeholders Table
| Owner / Party | Role | Stake | Key Detail |
|---|---|---|---|
| Keurig Dr Pepper (KDP) | Majority Owner | 60% stake | Acquired October 2024 for $990 million; NYSE: KDP |
| Dan Lourenco | Co-Founder & CEO | Part of remaining 40% | Still leads Ghost day-to-day alongside Ryan Hughes |
| Ryan Hughes | Co-Founder & CMO | Part of remaining 40% | Co-founded Ghost in 2016; drives brand and marketing strategy |
| JAB Holding Company | Indirect Owner via KDP | Majority of KDP | German family firm; controls Keurig Dr Pepper |
| AB InBev (historical) | Former minority investor | Exited prior to KDP deal | ZX Ventures arm co-launched Ghost Energy in 2020 |
| KDP (2028) | Future 100% Owner | Will acquire remaining 40% | Final acquisition price based on 2027 Ghost performance |
The Origin Story: Two Friends, One Brand, Zero Compromise
Ghost did not start as an energy drink. It started as a supplements company built around radical transparency and a streetwear-level approach to branding.
Dan Lourenco and Ryan Hughes founded Ghost Lifestyle in 2016 in Chicago, Illinois. The two had backgrounds in the fitness and supplement industry and were frustrated by brands that hid their ingredient lists behind vague “proprietary blends.” Their solution was simple — put everything on the label, be completely honest about what is in the product, and build a community around that honesty. Ghost branded itself as the “first lifestyle sports nutrition brand” — selling not just supplements, but a culture.
The energy drink came later. In 2020, Ghost Lifestyle partnered with AB InBev’s venture arm ZX Ventures to launch Ghost Energy as a ready-to-drink beverage. The partnership gave Ghost the infrastructure to scale its drinks business nationally, and by 2022, Ghost Energy was launching at major retailers including Kroger, 7-Eleven, and Publix across the country.
The $990 Million KDP Deal Explained
The Keurig Dr Pepper acquisition was one of the biggest energy drink deals in 2024 — and it changed everything about Ghost’s future trajectory.
KDP paid $990 million for a 60% stake in the combined Ghost Lifestyle and Ghost Beverages businesses. The deal valued Ghost at approximately 3x its projected 2024 net revenue. Starting in mid-2025, KDP also committed to investing up to $250 million to transition Ghost Energy’s existing distribution agreements — moving the brand into KDP’s own direct store delivery network, which already serves hundreds of thousands of retail locations across the country.
KDP CEO Tim Cofer called Ghost “a differentiated brand with significant growth potential” and said the acquisition would accelerate the company’s push into the energy drink category. The $19 billion energy drink space has been a hotbed of M&A activity — Monster bought Bang, PepsiCo acquired Rockstar for nearly $4 billion, and PepsiCo also took a stake in Celsius. KDP’s Ghost acquisition was its boldest move yet into this high-growth space.
Ghost co-founder Dan Lourenco said the partnership with KDP was about finding a partner that understood Ghost’s challenger mindset and shared its long-term vision of building a “100-year brand.”
What Happened to the Sour Patch Kids and Swedish Fish Flavors?
One of the most loved — and most mourned — chapters of Ghost Energy’s story involves its legendary licensed flavors.
Ghost built a massive following on the back of flavors licensed from iconic candy brands — Oreo, Sour Patch Kids, Swedish Fish, and Welch’s. These collaborations were central to Ghost’s identity and drove enormous brand buzz, especially among younger consumers who grew up with those candy brands.
But in late April 2025, Mondelēz International — the company behind Sour Patch Kids and Swedish Fish — sued Ghost for allegedly breaching licensing agreements for co-branded energy drink flavors as well as supplement products. As a result of the fallout following KDP’s majority acquisition, the Sour Patch Kids and Swedish Fish Ghost Energy flavors were discontinued.
The silver lining? KDP owns brands like 7UP, A&W, and Canada Dry — and leaks as of December 2025 suggest Ghost 7UP Energy is slated for April 2026, with Ghost A&W Energy to follow later in the year. KDP’s owned brand portfolio gives Ghost a new pipeline of licensed flavors that competitors simply cannot access.
How Ghost Energy Compares to Its Rivals
The energy drink market is one of the most fiercely competitive in all of food and beverage. Ghost competes against some of the biggest names in the industry.
Red Bull and Monster still dominate the overall market. But in the “better-for-you” and lifestyle-forward energy drink segment, Ghost competes directly with Celsius, Reign, Prime Energy, and Alani Nu. What sets Ghost apart is its full-ingredient transparency, its candy brand collaborations, and its deep roots in the fitness and supplement community — a core audience that was already loyal to the Ghost Lifestyle supplement brand before the energy drink even launched.
Under KDP’s distribution network, Ghost Energy now has access to shelf space that even the best independent brands struggle to achieve. That distribution advantage, combined with Ghost’s brand identity, is exactly why KDP was willing to pay nearly $1 billion for it.
Frequently Asked Questions (FAQs)
Q1. Who owns Ghost Energy Drink in 2026?
Keurig Dr Pepper (KDP) owns 60% of Ghost Energy, with co-founders Dan Lourenco and Ryan Hughes holding the remaining 40% until 2028.
Q2. How much did Keurig Dr Pepper pay for Ghost?
KDP paid approximately $990 million for its initial 60% ownership stake in Ghost, announced in October 2024.
Q3. Who founded Ghost Energy Drink?
Ghost was founded in 2016 by Dan Lourenco and Ryan Hughes in Chicago, Illinois, originally as a sports nutrition and supplements brand.
Q4. When did Ghost Energy launch?
Ghost Energy as a ready-to-drink beverage launched in 2020 through a partnership between Ghost Lifestyle and AB InBev’s venture arm ZX Ventures.
Q5. Why were Sour Patch Kids and Swedish Fish Ghost Energy flavors discontinued?
Mondelēz International sued Ghost in late April 2025 for allegedly breaching licensing agreements, resulting in those flavors being discontinued after KDP’s majority acquisition.
Q6. When will KDP fully own Ghost?
KDP will acquire the remaining 40% stake in Ghost in 2028, at a price based on Ghost’s 2027 financial performance.
Q7. What new Ghost Energy flavors are coming in 2026?
Leaks suggest Ghost 7UP Energy is planned for April 2026, followed by Ghost A&W Energy later in the year — both using KDP’s owned brands.
Q8. Is Ghost Energy publicly traded?
No. Ghost Lifestyle LLC is a private company. Its parent company Keurig Dr Pepper is publicly traded on the NASDAQ under the ticker symbol KDP.
Ghost Energy Drink is currently 60% owned by Keurig Dr Pepper (KDP), following a $990 million deal announced in October 2024. The remaining 40% is still held by co-founders Dan Lourenco and Ryan Hughes, who continue to lead the brand. KDP will acquire that final 40% in 2028 at a price tied to Ghost’s 2027 performance.
The brand was founded in 2016 by Lourenco and Hughes in Chicago, launched its energy drink in 2020, and has grown to become one of the fastest-rising brands in the $19 billion U.S. energy drink market — now backed by the full distribution, marketing, and financial power of one of America’s biggest beverage companies.
