The Vita Coco Company has acquired fellow coconut waters firm Copra.
In a statement yesterday (22 July), the US business described Copra as "one of the leading producers of super-premium Thai Nam Hom coconut water".
Copra, which is based in New York and has a production site in Thailand, also markets a range of coconut food products.
Vita Coco said Copra had created "a differentiated position" in the product area as an "an emerging brand business", as well as supplying private label.
The transaction was conducted and concluded yesterday at an initial purchase price of $175m, to be paid up-front upon closing of the deal. Another "earnout consideration", which could range from $45m to $100m, will also be handed over in 2029, based on Copra's 2028 financial results.
"Coconut water, which is the fastest-growing category in the beverage aisle, is still in the early innings of what it can become," Michael Kirban, the co-founder and executive chairman of Vita Coco, said. "We see a meaningful opportunity to keep expanding the category by meeting consumers in new occasions, formats and price tiers.
“Copra brings specialised capabilities, deep sourcing expertise and a super-premium offering that can help us serve more consumers, and expand our market share while continuing to help shape and lead the category’s continued global growth."
Vita Coco said it expected to generate "value" through expanding the business's capacity, investing "thoughtfully" behind the business and "improving operational efficiency".
In the statement, Martin Roper, the group's CEO, called out Copra's "remarkable" net sales CAGR of close to 50% in the past three years, specifically "in the cold-chain coconut water segment".
He added: "We believe it is a perfect add-on to our coconut water capabilities, expands our total addressable market, strengthens our participation in coconut water, and gives us another way to help shape the category’s continued growth."
Copra said it anticipates its annual net sales will reach over $100m this year, most of which are generated in the Americas, "with opportunity to expand internationally and to significantly grow the branded business".
According to its website, as well as chilled coconut waters, Copra also sells other coconut-based products, including coconut flesh and sugar.
Chai Phonsuwan, the co-founder of Copra, said: "Vita Coco is the perfect partner to help achieve our vision to be a leading player" within "the super-premium segment" of coconut water.
Following "full integration" of the Copra business, Vita Coco said it expects the acquisition "to be accretive to its adjusted EBITDA margins".
In its first-quarter results, issued in April, Vita Coco upped its guidance for the full year for net sales and adjusted EBITDA.
For 2026, the business is anticipating net sales to hit $720m to $735m, a jump from its prior outlook of $680m to $700m. Growth will be driven by its namesake coconut water brand, as well as "improvements in private-label trends from new and regained business".
In adjusted EBITDA, the business expects to achieve $132m to $138m, a slight increase from its previous $122m to $128m guided range.
