He Sold A Company To Coca-Cola for $200 Million, Repurchased It, And Has Now Co-Founded A $600-Million AUM Private Equity Firm

When you hear about startup journeys, you often expect Silicon Valley dorm rooms, tech hacks, or venture capital from day one. Mark Rampolla’s path couldn’t have been more different. He journeyed from a Pittsburgh childhood to the Peace Corps in Costa Rica.

Eventually, Mark founded and sold ZICO Coconut Water to Coca-Cola, demonstrating his sense of adventure, conviction, and resilience. In an exciting interview on the Dealmakers Podcast, he talks about his experiences with selling a company and then repurchasing it.

Mark also talks about co-founding a private equity firm, GroundForce Capital, and backing other entrepreneurs.

Listen to the full podcast episode and review the transcript here.

Roots in Pittsburgh

Mark grew up in Pittsburgh, Pennsylvania, the youngest of six kids in a working-class family. Life was simple, money was tight, but there was joy in community, sports, and the freedom of outdoor play. Entrepreneurship wasn’t in his bloodline, and no one in his family was in business.

The closest role model was a family friend who worked as a salesperson for Maxwell House Coffee in Southwestern Pennsylvania. That small exposure planted the earliest seed of curiosity about business.

However, it wasn’t until Mark went to college and met friends who grew up in business families or who were interested in business, that he also started to develop an interest. Even then, entrepreneurship seemed weird to him.

A Detour into Corporate America

Like many of his generation in the 1990s, Mark believed the way to make an impact was through corporations and corporate tech. He interned at IBM during college, teaching Lotus 1-2-3 to clients while helping small Silicon Valley companies integrate and sell their software to clients in Wisconsin.

Yet Mark quickly realized the corporate suit-and-tie world wasn’t for him. Instead, he took a leap into the unknown by joining the Peace Corps in Costa Rica. He hadn’t yet caught on to the concept of the tech revolution.

Looking back on his decision, Mark recalls that his parents were activist Catholics with a strong sense of community service and a commitment to helping the poor. Later, he attended a Jesuit college, and the aspect of social service deeply resonated with him.

Mark also had an adventurous spirit and remembers visiting a career fair and interviewing for some corporate jobs. That’s where he noticed the Peace Corps stand and opted to check it out, more attracted by the possibility of an adventure rather than anything else. He wanted to get out of the country and explore.

The Peace Corps: Lessons in Life and Perspective

Living in and experiencing a world outside the US gave Mark a unique perspective. Prior to visiting Latin America, he had these projections, imaginations, and stories about how low-income people lived.

Getting by with $187 a month in a small Costa Rican village, Mark saw firsthand that happiness wasn’t tied to money. He discovered communities filled with joy, resilience, and entrepreneurial spirit, despite lacking material wealth. He also saw the early indications of sustainability at work.

Mark enjoyed meeting entrepreneurs and learning more about the family businesses they ran. These interactions laid the foundation for him in many ways and planted the seeds of his company. Hiking across Central America over three months, he noticed something that would stay with him.

Even in the most remote villages, Coca-Cola was everywhere. The realization struck: what if the reach of business and the power of infrastructure could be harnessed to deliver more than just sugar water? During those years, he tasted fresh coconut water for the first time.

The idea would stay dormant for a decade, waiting for the right moment.

From MBA to Corporate Expat

After returning to the U.S., Mark earned his MBA at Duke. At the time, entrepreneurship wasn’t celebrated the way it is today, and with a six-figure debt looming, security felt more important than risk. Even so, he decided to stay on the corporate path and tour through Asia.

Eventually, Mark joined International Paper, where his Peace Corps background made him an ideal fit for managing businesses across Latin America. The company was looking for candidates with an MBA who could join, receive training, and potentially lead a group of small businesses they had globally.

But corporate life came with golden handcuffs: great pay, housing, cars, and schooling for his children. By then, Mark was living in El Salvador with his wife, Maura, and two daughters. A lifestyle that was comfortable but stifling. He realized he didn’t want his boss’s job, or his boss’s boss’s job.

Mark started to think about his career progression and began to face uncertainty. International Paper was based in Memphis, Tennessee, and although he had lived there for a few years, it wasn’t what he wanted for the long term. Undoubtedly, he learned a lot about paper and packaging.

However, Mark was ready to try something more stimulating. That frustration sparked a new line of thought: What if I started something myself? With it came the fear of embarking on a new career trajectory that would result in him giving up his comfortable and secure lifestyle.

The Birth of ZICO

Mark began brainstorming ideas–everything from rolling up the dairy industry of Central America to entering trucking at a time when the Central America Free Trade Agreement had been signed. He recognized that trucking was going to be in high demand.

Mark explored a wide range of products, including options from Latin America. For instance, clothing, food, chocolate, and more. But he also built a set of personal and business criteria to guide him:

• Was the industry big enough?
• Were the margins attractive?
• Could the business endure long-term?
• Would it energize him every day?
• Would it be something his daughters could be proud of 20 years down the line?
• How would the business fit into his lifestyle?

Eventually, Mark eliminated trucking and rolling up the dairy industry to focus more on food and beverages. That’s when coconut water resurfaced. Healthy, refreshing, tied to his love for Latin America, it checked all the boxes.

Raising the First Million

Mark had no fundraising background and no wealthy network. However, he had established trust with Latin American business families during his tenure at International Paper. They approached him, saying, “We know you’ll leave corporate one day to start something; we’ll back you.” That support gave him confidence.

Mark raised $1M primarily from a group of Latin American businessmen, quit his job, and moved his family to New York. International Paper owned between 51% and 80%, and local families owned the remainder. He had these families on his board of directors.

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Within six months, they were technically bankrupt. The next five years were a grind: raising small rounds every year, hustling for distribution, and trying to stay alive.

Mark recalls people telling him that he needed to get into Whole Foods or get a celebrity or athlete to endorse the brand. Although the strategy was effective, it took some time to gain traction.

Cracking the Market and Getting Noticed by Coca-Cola

ZICO’s breakthrough came not from spreading thin, but from going deep. The team focused narrowly on New York City, targeting Bikram Hot Yoga Studios as their beachhead. Post-workout recovery made coconut water indispensable, and word of mouth spread.

Soon, ZICO wasn’t just another beverage; it was a cultural trend. Mark realized that his idea was legit when Coca-Cola came knocking. By 2008, four years after ZICO Launched, Coca-Cola had acquired Vitaminwater for over $4B and wanted to avoid missing the next big beverage trend.

Coca-Cola established Ventures and Emerging Brands to connect with upcoming founders sooner. They noticed ZICO–specifically, not just coconut water in general, but ZICO–appearing on their nationwide trend maps, alongside beverages, fashion, music, and culture.

Mark’s focused strategy had worked: he had captured the exact influencers Coke wanted–young, active consumers in New York, LA, Boston, and Miami. That validation was the turning point.

Partnering with Jesse Itzler

Around this time, Mark connected with Jesse Itzler, an entrepreneur, marketer, and master of cultural buzz. Jesse invested, brought in celebrity backers, and opened doors ZICO couldn’t have accessed alone. His zone of genius–embedding products into culture–supercharged ZICO’s momentum.

At the time, Jesse was working behind the scenes to bring out his own coconut water. He had approached Coke around the same time Coke had approached Mark. The Coke team loved ZICO and wanted to back the brand, but wanted assurance that he could create adequate buzz and excitement.

Essentially, Coke wanted to be sure ZICO could scale. That’s where Jesse came in as an investor, bringing in a bunch of celebrities and athletes. He also brought in his marketing support team, which helped build engagement.

The Exit to Coca-Cola and Later, Repurchasing the Company

Despite the rapid 100% year-over-year growth, scaling with Coke wasn’t smooth. ZICO competed with Vita Coco, a company that was also undergoing negotiations with Coke. The beverage giant struggled to fit ZICO into its structure: was it water, juice, or something else?

ZICO was a comparatively smaller $50M company. Distribution hiccups led to out-of-stocks, and sales didn’t accurately reflect actual demand. In the initial years, ZICO was distributed in just two markets–Miami and LA.

As Mark recalls, he wasn’t happy with the progress. “Without getting into the weeds, the Coke algorithm couldn’t handle the disparity in the high velocity and small consumer base,” he says.

Mark eventually confronted Coke with three options: invest $20M worth of capital without dilution within 45 days, but with the option to buy it.

Alternatively, consider negotiating to buy the company or letting Mark buy them out. After tense negotiations, Coca-Cola acquired ZICO outright for a little over $200M.

Mark knew the brand could have been worth more if they had waited longer. However, the sale represented a milestone for both him and his investors. “We made it. We hit the mountain. We’re successful. I’m free,” he recalled. Yet what followed would challenge his definition of success.

Years later, Mark and his partners bought back the ZICO brand for a fraction of what Coca-Cola had paid, just 2% of the original price. Remarkably, he now projects that the company will soon reach the same performance levels it had at the time of the sale.

Freedom, Failure, and GroundForce Capital

Alongside this entrepreneurial journey, Mark transitioned into the investment world as a co-founder of GroundForce Capital, a firm now managing over $600 million in assets. His operational experience has proven invaluable in guiding the founders he backs.

But Mark’s story didn’t end with financial freedom. Selling ZICO brought him face-to-face with a deeper question many entrepreneurs wrestle with: What comes after the exit? He realized the belief that achieving external goals automatically brings happiness was misleading.

Beyond the Poster Child of Success

For years, Mark fit the narrative of the “poster child” entrepreneur: quit corporate America, built a company, sold it, and walked away with wealth. He threw himself into angel investing, making more than 40 investments, and eventually started his own fund.

But beneath the surface, Mark recognized he was acting out of fear, ambition, comparison, and unconscious drives. He candidly admits that the very traits that helped him as an entrepreneur–relentless drive, risk-taking, and optimism–created blind spots as an investor.

Those blind spots cost Mark millions of dollars. The realization was sobering: many of the strengths that build great founders can hinder them as investors.

Personal Struggles and Unprocessed Emotions

Mark also faced personal challenges after the ZICO exit. Though happily married for over 20 years, he and his wife struggled in the aftermath. Despite therapy and attempts to repair their relationship, years of unprocessed emotions made it difficult to reconcile.

Looking back, Mark acknowledged that during the early days of ZICO, he had consciously suppressed fear, self-doubt, and insecurity to survive as a founder.

Mark says, “I remember meditating and telling myself I didn’t need my emotions, that I could float above it all. And it worked–until it didn’t.” After a decade of suppressing his feelings, they resurfaced, affecting both his personal life and his investment career.

Mark realized that what isn’t processed emotionally doesn’t disappear; it comes back, often with greater force.

Doing the Inner Work

Determined to confront these patterns, Mark embarked on a six-year journey of therapy, analysis, coaching, reading about neuroscience and spirituality, studying, and attending retreats. He immersed himself in personal development.

Through this inner work, Mark learned to identify and challenge limiting beliefs, process emotions effectively, and ultimately free himself from patterns that had once held him back. Through setbacks, such as losing his home in the Palisades, he chose not to bury the pain but to fully experience and process it.

Mark describes those moments of sadness, anger, and grief as essential to the healing and growth process. The result was a newfound sense of freedom that surpassed even the exhilaration of financial success.

A New Mission: An Entrepreneur’s Guide to Freedom

Today, Mark’s mission extends beyond business. His book, An Entrepreneur’s Guide to Freedom, distills these lessons, weaving together personal vulnerability and professional insight. The core message is clear: inner work is often the foundation of outer success.

Mark emphasizes that entrepreneurs must confront insecurities, fears, and doubts if they want to achieve lasting impact and fulfillment. The response from readers and fellow founders has been powerful.

Many have reached out with a common refrain: “Thank you for sharing that. Me too!” For Mark, creating that space for openness and honesty has become just as important as building companies or managing capital.

Mark’s work continues through GroundForce Capital, his writing, and his speaking, but above all, through his commitment to helping entrepreneurs find freedom, both in their businesses and within themselves.

Mark Rampolla’s story isn’t just about coconut water; it’s about freedom, courage, and the belief that business can deliver more than profits. It can create impact, build culture, and change lives.

Listen to the full podcast interview to know more, including:

• Mark’s Peace Corps experience shaped his entrepreneurial vision through service and perspective.
• Living in Costa Rica taught Mark that happiness isn’t tied to money and inspired ZICO’s idea.
• Mark left corporate comfort at International Paper to pursue meaningful entrepreneurship.
• ZICO’s breakthrough came from focusing narrowly on yoga studios as a launch market.
• Coca-Cola acquired ZICO for $200M, but Mark later repurchased it for just 2% of that amount.
• Post-exit struggles revealed the need for inner work, therapy, and emotional growth.
• True entrepreneurial freedom lies in combining business success with inner fulfillment.

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Keep in mind that storytelling is everything in fundraising. In this regard, for a winning pitch deck to help you, take a look at the template created by Peter Thiel, the Silicon Valley legend (see it here), which I recently covered. Thiel was the first angel investor in Facebook with a $500K check that turned into more than $1 billion in cash. 

Remember to unlock for free the pitch deck template that founders worldwide are using to raise millions below.

 

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