COPRA acquired by VITA COCO

The Vita Coco Company acquired Copra, the producer of super-premium Thai Nam Hom coconut water, in a transaction that closed on 22 July 2026 at an enterprise value of $100–350M, paid at closing and subject to customary adjustments. The consideration was settled 80% in cash on hand and the balance in Vita Coco common stock, and the agreement provided for an earnout payable in 2029 based on Copra’s 2028 financial performance, with a floor of $45 million and a cap of $100 million, taking the potential total consideration to between $220 million and $275 million. Copra became a wholly owned subsidiary. Copra was expected to generate net sales of $100m in 2026, having grown net sales at a compound annual rate of 48% over the preceding three years. It produced through an extract-and-fill-on-site model at its own factory in Thailand, close to its coconut supply, keeping the water refrigerated from extraction and avoiding high-heat pasteurisation, and sold both private label and its own brand, mostly in the Americas. The purchase took Vita Coco into a segment of the coconut water category where it did not previously compete, adding a different format, price point and consumption occasion, and brought it a Thai factory with direct access to Nam Hom coconuts. The group planned to expand capacity, improve operating efficiency, serve existing customers and build a global super-premium brand, and expected the deal to add to its adjusted EBITDA margin once integration was complete. Co-founders Ben Minges and Chai Phonsuwan stayed with the business. Evercore advised Vita Coco, with Ballard Spahr as legal counsel, while Whipstitch Capital advised Copra, with Cooley as legal counsel.