Vita Coco has acquired Copra, a producer of super-premium Thai Nam Hom coconut water, in a $175 million deal that includes a factory in Thailand and an extract-and-fill-on-site model. Copra grew net sales at a 48% compound annual rate over three years and should clear $100 million this year, and the deal's earnout has a floor of $45 million and a cap of $100 million based on 2028 results. Vita Coco paid roughly 1.75 times what Copra expects to bring in this year, with the upfront price near seven times profits based on about $25 million in EBITDA. The stock is down roughly 40% from its June peaks, and insiders sold about 343,900 shares worth roughly $27.4 million, including a $1.25 million sale by Chief Executive Martin Roper in April, though no insider has sold since the Copra deal closed. Management expects full-year gross margin to settle closer to 40% as tariff refunds and freight savings fade.
Vita Coco Company IncVita Coco acquires Copra for $175M in a vertical integration M&A deal, adding a Thai factory and ~$100M in expected sales.
NVIDIA CorporationCopra is being acquired by Vita Coco for $175M including a factory in Thailand and an earnout based on 2028 results.
