Vita Coco expanded into the sports drink category with its new line of Vita Coco Sport beverages.

New York-based All Market Inc., doing business as Vita Coco, announced that it has sold 25 percent of the company to Reignwood Group, the Beijing-based parent company of Red Bull China, at an enterprise valuation of approximately $665 million.

Ten years ago, U.S. consumers might have thought you were a bit “nutty” if you told them that coconut water would be a multimillion-dollar beverage category one day. In fact, Vita Coco Co-founders Michael Kirban and Ira Liran didn’t even believe it at that time.

The number of recent lemonade beverage launches into the market signals that the beverage industry is ready for warmer weather.

Timed with its 10th anniversary, Vita Coco infused its coconut water with lemonade to create Vita Coco Lemonade.

Although consumers might have classified coconut water as an “exotic” beverage in the past, it’s quickly becoming more mainstream.

As a father to a 2-year-old daughter and an 11-month-old son, Vita Coco Co-Founder Michael Kirban was concerned about the number of artificial, sugary drinks marketed to children.

New York-based Vita Coco launched Vita Coco Kids, a new line of coconut water beverages formulated especially for children between the ages of 2 and 8. The new beverages will be available in Apple Island, Paradise Punch and Very Cherry Beach flavors.

 In Fred Heatherton’s novelty song, “I’ve Got a Lovely Bunch of Coconuts,” the composer depicts a showman prodding people to play a game involving coconuts in order to make him rich.