The feuding co-founders of Arizona Beverage Corp. have reached a preliminary settlement that would allow one to buy out the other, potentially ending a yearslong valuation dispute over the iced tea maker.
The agreement allowing Domenick Vultaggio to buy out John Ferolito’s 50% stake in the privately held company for an undisclosed amount still requires final court approval.
The two founders of the popular Arizona brand had been locked in a bitter legal battle over the company’s valuation. The dispute had dragged on for years, with both sides unable to agree on a price for Ferolito’s stake in the company they co-founded together.
The settlement, brokered with the assistance of mediator Martin Scheinman, brings a resolution to one of the more colorful business disputes in the beverage industry, ending a partnership that had built one of America’s most recognizable drink brands.
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