Investment in MOMA Foods Limited
IMMEDIATE RELEASE 6 December 2021
A.G. BARR p.l.c.
("A.G. BARR" or "the Group")
Investment in MOMA Foods Limited, independent branded porridge and plant-based milk business
A.G. BARR produces and markets some of the UK's leading drinks brands, including IRN-BRU, Rubicon and Funkin.
We are delighted to announce that the Group has taken an initial c.60% equity stake in MOMA Foods Limited ("MOMA") with an agreed path to full ownership over the next 3 years.
MOMA was founded by Tom Mercer in 2006 and quickly established itself as a modern, challenger brand in the porridge market, using the finest quality, British jumbo oats. Most recently MOMA has diversified into the high growth plant-based milk sector, and is now the UK's 3rd largest oat milk brand. MOMA also produces a range of low sugar granola and bircher muesli branded products.
Tom Mercer, founder and CEO of MOMA Foods Limited , commented: "I'm hugely excited to embark on the next phase of MOMA's growth with AG Barr. I believe that together we can harness the passion that is integral to MOMA and grow into a significantly bigger brand. We're 100% focused on crafting oats into the tastiest food and drink products we can, and I'm looking forward to the next leg of our journey."
Roger White, CEO of AG Barr , commented: "I'm delighted that AG Barr is venturing into healthy oat-based products with such a great brand and an experienced team, led by Tom. Plant-based milk is a fast-growing category, in particular, and MOMA's oat milk is a premium quality product with huge potential. This exciting investment is a positive indication of AG Barr's growth ambitions."
The transaction is not expected to have a material impact on the Group's profits for the current financial year ending 30 January 2022.
Next update : February 2022 Trading Update
For more information, please contact :
|
A.G. BARR |
0330 390 3900 Roger White, Chief Executive Stuart Lorimer, Finance Director |
Instinctif Partners |
020 7457 2020 Justine Warren Matthew Smallwood |
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