"We immediately recognized the potential for the Vita Coco brand in China," said Chanchai Ruayrungruang, chairman and founder of Reignwood Group, in a statement. "The brand's proposition and values are an ideal fit for Reignwood Group's growth strategy, and we are confident health-minded Chinese consumers will quickly embrace and remain loyal to the Vita Coco brand." Prior to this transaction, Vita Coco's ownership was divided between majority shareholders Kirban, Ira Liran and Belgian investment firm Verlinvest, with approximately 10 percent owned by celebrity investors and another approximately 10 percent owned by employees and other smaller investors. After the transaction, Co-founders Kirban and Liran, as well as Verlinvest, remain majority shareholders of Vita Coco.