Madonna and Matthew McConaughey set to become millionaires (again) as investors in Vito Coco, which may be looking to sell for up to $1billion

Vita Coco, the world's leading brand of coconut water, is exploring a sale of the company that could value it at up to $1 billion, according to sources familiar with the matter.

Vita Coco's parent company - whose investors include celebrities Madonna and Matthew McConaughey - has hired JP Morgan to advise it on a sale, three sources said. 

They declined to be identified as the matter is private.

Any sale of U.S.-based Vita Coco would come as traditional fizzy drink sales continue to slow and consumers increasingly turn to healthier drinks like coconut water. 

The business could attract interest from beverage companies such as PepsiCo, Coca-Cola or Dr Pepper Snapple , which late last year paid $1.7 billion for antioxident drink maker Bai Brands. 

PepsiCo and Coke are already the No. 2 and 3 producers of coconut water.

Big money: Vita Coco could sell for as much as $1billion

Founded in 2004 by two childhood friends in New York, Vita Coco now has sales in 30 countries and is the global leader in coconut water, with 26 percent of a market worth $2.5 billion, according to data tracker Euromonitor International.

Extracted from young, green coconuts, coconut water now enjoys prime placement in coolers across North America and Europe and was the world's fastest-growing cold drink last year, according to Euromonitor, with sales up 19 percent.