• Wall Street Journal, Wednesday, April 8, 2009 10:30 AM

Coca-Cola's $44 million investment in British smoothie maker Innocent this week speaks to its interest in expanding beyond soft drinks and in owning small stakes in innovative companies, Aaron O. Patrick and Valerie Bauerlein report. Innocent, which gives 10% of its profits to charity and uses recycled bottles, has quickly become one of Britain's top brands by marketing its healthy ingredients and social commitment.

The deal's structure should allow Innocent to keep its quirky attitude, while sharing some of its own expertise. Some of Innocent's trucks are covered in fake grass and daisies, for example, and are mounted on hydraulics that make them appear to dance. Samples are passed through drop-down windows.

You may not see Coke trucks cavorting on their own axles anytime soon, but Atlanta is looking forward to learning a thing or two from the smaller company. "They are very interested in our recycled bottles," says Innocent co-CEO Richard Reed.

The company was founded 10 years ago and controls 82% of the U.K. smoothie market, according to a spokeswoman. From 2003 to 2007, smoothie sales in the U.K. rose more than fivefold, to £241 million, according to Mintel.

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