Vita Coco Co. (COCO) on Wednesday, July 22, said it’s acquired Copra Inc., a producer of super-premium Thai Nam Hom coconut water.

New York-based Vita Coco paid $175 million up front for Copra in the transaction, which closed Wednesday. Vita Coco also could pay an additional $45 million to $100 million in cash and stock in 2029 based on 2028 financial performance.

The Deal last month reported Copra was working with Whipstitch Capital on an auction process that was in the late stages. Copra, also known as Copra Coconuts, generates around $25 million in Ebitda.

The acquirer, a producer of Vita Coco coconut water and PWR LIFT protein-infused water, said it paid 80% of the initial consideration in cash and the remainder in stock.

Founded in 2013 by Ben Minges and Chai Phonsuwan, New York-based Copra is a producer and distributor of coconut products sourced from Thailand, including coconut water, meat, nectar and sugar. Minges’ father, Tim, was formerly the CEO of PepsiCo Asia and chief customer officer at Pepsi North America.

Copra was initially founded as a branded coconut water company but has since evolved into a primarily business-to-business supplier of coconut products to foodservice and private label customers.

Copra received a $1.6 million investment from Branch Venture Group in May 2021.

Copra expects more than $100 million in net sales this year and has had a 48% compound annual growth rate in net sales over the past three years, Vita Coco said.

The buyer said Copra gives it a platform in the growing super-premium coconut water segment. Vita Coco plans to enhance Copra’s capacity, improve operational efficiency and invest behind the brand. Minges and Phonsuwan will remain with the company.

Copra looked to Whipstitch for financial advice and Kester Spindler, Mystery Murphy and Nicholas C. Cagle of Cooley LLP for counsel.

Vita Coco used Evercore Inc. for financial advice and Kimberly W. Klayman, Brian D. Short, Harry Levin and Allison Canfield of Ballard Spahr LLP for counsel.