Vita Coco Buys Copra in $175 Million Mixed-Consideration Deal
The acquisition added coconut-water capacity and tied further payments to Copra’s 2028 financial performance.
The Vita Coco Company, Inc. (COCO) completed its acquisition of Copra, Inc. for $175 million in upfront consideration, adding capacity and customer relationships to its coconut-water business. The mixed-consideration transaction closed July 22, with the amount paid at closing subject to customary adjustments.
The agreement also provided for an earnout payable in 2029 based on Copra’s financial performance in 2028. That payment has a floor of $45 million and a cap of $100 million, putting total consideration between $220 million and $275 million before any closing adjustments. The structure gave Copra’s owners a guaranteed additional payment while linking as much as $55 million of the earnout range to the business’s results under Vita Coco’s ownership.
The acquisition will expand Copra’s capacity, improve operational efficiency and help meet demand from existing customers while adding new relationships. The company also planned to invest behind Copra as a super-premium brand, extending Vita Coco’s reach within coconut water while broadening the market it can address.
“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,” Chief Executive Martin Roper said.
The capacity-and-customer rationale echoed a broader pattern in food and beverage acquisitions. Mama’s Creations acquired Crown I Enterprises for $17.5 million in 2025, gaining a nearby production facility, additional customers and opportunities to improve purchasing, labor and logistics. That buyer also identified cross-selling as a route to new revenue, illustrating how operators have used acquisitions to combine manufacturing expansion with access to established retail relationships.
For Vita Coco, the next phase centers on expanding Copra’s production and turning the acquired operation into a larger platform for existing demand and new accounts. The earnout keeps part of the ultimate purchase price tied to that execution: Copra’s 2028 performance will determine whether the 2029 payment lands at the $45 million floor, the $100 million cap or somewhere between them.