A Stronger Brew?

The question for Honest Tea is whether customers will buy this rationale. Sicher, the Beverage Digest editor, said it helps their argument that Goldman and Nalebuff are still in control, but he added that when the tea hits the lips, what matters most to consumers is not who owns what.

"It is my belief having studied this for a long time that most consumers are not that interested in parent company ownership," Sicher said. "They are interested in what the product delivers for them. Seth has built this brand by offering good taste in an organic product. Now he should be able to do that better and faster."

For starters, Coke is McDonald's beverage supplier, meaning that Honest Tea has an easier route to a deal to serve its drinks in the world's largest fast-food chain, which has been adding more-healthful products. Honest Tea executives think their organic, low-sugar juice pouches for children could do particularly well at McDonald's.

Another way Coke can help Honest Tea, Goldman said, is by giving it a stronger foothold in markets where the company has a limited presence but potential for larger demand. One such area, he said, was Northern California, which has a relatively affluent population interested in healthy living. But Honest Tea, with a hodgepodge of distributors, hasn't been able to gain enough traction. Coke's network will be a boost.

"We know we can do a lot more out there," Goldman said. "You can have a brand, but if you don't have a presence in chains, it's hard to promote."

Despite what Coke may be able to provide, Goldman knows the deal is not risk-free. "The world of mission-driven business is littered with entrepreneurs whose companies lost their soul or at least lost their leadership," Goldman wrote in his blog. Snapple lost its way after being purchased by Quaker Oats. In 2001, Coke bought Mad River, another natural tea company, but not long after the company took over the brand, Mad River was retired.

"It has to be nurtured and built the right way," Goldman said.