The Vita Coco Company has acquired Copra, a producer of premium Thai Nam Hom coconut water, for an upfront payment of $175 million and potential earnout consideration of up to $100 million.
The transaction closed on July 22, 2026. Vita Coco paid 80% of the initial consideration using cash on hand, with the remaining 20% issued in company common stock.
The earnout will be paid in 2029 based on Copra’s financial performance during 2028. The contingent payment has a minimum value of $45 million and a maximum value of $100 million, placing the acquisition’s potential total consideration between $220 million and $275 million.
Copra specializes in the premium cold-chain coconut water segment. Its products are made from Thai Nam Hom coconuts and are sold chilled, with a naturally sweet and aromatic flavor and a slightly pink appearance.
The company uses an extract-and-fill-on-site production model and operates a factory in Thailand near its coconut supply. Vita Coco expects the acquisition to strengthen its sourcing and manufacturing capabilities while providing entry into a premium market segment in which it did not previously compete.
Copra operates both branded and private-label businesses. Its sales are concentrated primarily in the Americas, although Vita Coco sees opportunities to expand the products internationally and build a larger consumer brand.
Copra expects to generate more than $100 million in net sales during 2026. The company reported a compound annual net sales growth rate of 48% over the previous three years.
Vita Coco plans to invest in additional production capacity, improve operating efficiency and support Copra’s existing customers. It also intends to use its sales and marketing organization to develop new customer relationships and expand the Copra brand.
The acquisition increases Vita Coco’s exposure to different product formats, consumer occasions and price levels within the coconut water category. It also gives the company access to Thai Nam Hom sourcing expertise and an established premium product platform.
Vita Coco expects the acquisition to improve its adjusted EBITDA margin after Copra has been fully integrated. However, the timing and size of the anticipated benefits will depend on integration, capacity expansion, customer retention and operating performance.
Evercore served as Vita Coco’s financial adviser, and Ballard Spahr provided legal counsel. Whipstitch Capital advised Copra financially, while Cooley served as its legal adviser.
KEY QUOTES:
“Copra brings specialized capabilities, deep sourcing expertise and a super-premium offering.”
Michael Kirban, Co-Founder and Executive Chairman of The Vita Coco Company
“I look forward to working with Copra’s founders and team.”
Martin Roper, CEO of The Vita Coco Company
