Reignwood buys stake in coconut water company

Beijing-based Reignwood Group is buying a 25 percent stake in a top-selling coconut water brand owned by All Market Inc in the United States to expand the drink into this fast-growing niche beverage market in China.

Reignwood, the distributor of the Red Bull energy drink in China, will acquire the stake in the New York City-based All Market, owner of Vita Coco, for about $165 million.

The deal has been signed, but details are still being finalized, according to a marketing employee at Reignwood surnamed Kan.