Ballard Spahr Advises Vita Coco on Acquisition of Copra in Beverage Industry Deal Valued at Up To $275M

Ballard Spahr corporate and M&A attorneys advised the Vita Coco Company, makers of the country’s leading coconut water brand, in its recent acquisition of Copra, Inc., a leading producer of super-premium Thai Nam Hom coconut water.

The purchase price consisted of upfront consideration of $175 million paid at closing, subject to customary closing adjustments, with additional earnout consideration in an aggregate amount between $45 million and $100 million, Vita Coco said in its press release announcing the closing this week.

Copra’s differentiated position in the super-premium cold-chain coconut water segment is supported by its expertise in Thai Nam Hom sourcing, an extract-and-fill-on-site operating model, an emerging branded business, and a strong private label business. The transaction gives Vita Coco a platform to participate in this attractive, fast-growing segment of the coconut water category where the company does not currently compete, Vita Coco said.

Vita Coco coconut water is the flagship brand of the company, which comprises a family of brands of healthy, nutritious, and great-tasting products, also including protein-infused water, PWR LIFT.

The Ballard Spahr team that represented Vita Coco comprises Kimberly W. Klayman, Brian D. Short, Harry A. Levin, Allison Canfield, and Mischka Stone. They provided counsel on the full range of transactional issues and documents for the transaction, including the merger agreement and securities matters.

ABOUT THE VITA COCO COMPANY
The Vita Coco Company is a family of brands on a mission to reimagine what’s possible when brands deliver healthy, nutritious, and great-tasting products that are better for consumers and better for the world. This includes its flagship coconut water brand, Vita Coco, and protein-infused water, PWR LIFT. The company was co-founded in 2004 by Michael Kirban and Ira Liran and is a public benefit corporation and Certified B Corporation. Vita Coco, the principal brand within the Company’s portfolio, is the leading coconut water brand in the U.S. With electrolytes, nutrients, and vitamins, coconut water has become a top beverage choice among consumers after a workout, in smoothies, as a cocktail mixer, after a night out, and more.

ABOUT BALLARD SPAHR
Ballard Spahr LLP—an Am Law 100 law firm with more than 750 lawyers in 19 U.S. offices—serves clients across industries in litigation, transactions, and regulatory compliance. A strategic legal partner to clients, Ballard goes beyond to deliver actionable, forward-thinking counsel and advocacy powered by deep industry experience and an understanding of each client’s specific business goals. Our culture is defined by an entrepreneurial spirit, collaborative environment, and top-down focus on service, efficiency, and results.

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