AMASS Brands to Acquire 50.0001% Stake in HpO Sparkling Protein Water
AMSS•AMASS Brands Group will boost its stake in HpO from 15% to 50.0001% via a share issuance valued at the 21-day VWAP, plus a three-year option to buy remaining shares at twice revenue. HpO’s sparkling protein water delivers 5 g plant-based protein and targets a market expanding from $861 million to $1.96 billion.
1. Acquisition Terms
AMASS Brands Group will acquire an additional controlling interest in HpO, increasing its ownership from approximately 15% to 50.0001% on a fully diluted basis through a share issuance valued at the trailing 21-day VWAP. The company also secured a three-year option to purchase the remaining interest at two times revenue, subject to customary closing conditions.
2. HpO Product and Market
HpO offers a sparkling protein water delivering 5 g of complete plant-based protein per can, zero sugar, no artificial sweeteners, and 22 to 30 calories per serving, in Lemon and Blood Orange flavors. The U.S. protein water market was valued at $861 million in 2024 and is projected to reach $1.96 billion by 2034 at a 12–14% CAGR.
3. Strategic Rationale
The acquisition aligns with rising protein consumption and premium hydration trends, further intensified by GLP-1 medication adoption among U.S. adults, which drives demand for low-sugar, nutrient-dense beverages. HpO complements AMASS’s multi-category beverage platform and leverages its distribution infrastructure, operational expertise, and retail partnerships to scale the brand.
4. Growth and Integration Plans
AMASS plans to accelerate HpO’s distribution nationwide through its existing wholesale networks, natural and specialty retail channels, and planned product innovation across ready-to-drink and adjacent hydration formats. This move follows the recent SAFE investment in a THC microdose beverage brand and underscores AMASS’s strategy to build a diversified portfolio in emerging beverage categories.
