UK – Scotland-based soft drinks manufacturer AG Barr has agreed to take over the MOMA porridge and plant-based milk business in an effort to gain a foothold in the healthy food segment.
The acquisition comes three years after the soft drinks company bought an initial 60% equity stake in MOMA.
The full acquisition will give the producer of drinks brands including IRN-BRU, Rubicon and Funkin an immediate presence in the oat-based and plant milk sectors
Roger White, chief executive officer of AG Barr, said: “I’m delighted that AG Barr is venturing into healthy oatbased products with such a great brand and an experienced team, led by Tom.
Plant-based ‘milk’ is a fastgrowing 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.”
MOMA which was founded in 2006 has quickly established itself as a modern, challenger brand in the porridge market, using the finest quality, British jumbo oats.
Most recently the company has diversified into the plant-based milk sector and claims to be the UK’s third-largest oat milk brand.
MOMA also produces a range of low sugar granola and bircher muesli-branded products. ‘100% focused on oats’
Tom Mercer, founder and chief executive officer of MOMA Foods Limited, said: “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.”
The transaction is not expected to have a material impact on the AG Barr profits for the current financial year ending 30 January 2022.
Earlier, AG Barr announced that Dairy Crest chief executive Mark Allen is to join the company as an independent non-executive director and chairman designate, with effect from 1 July 2021.
In a trading update released on 29 November, AG Barr reported sales growth ahead of expectations across its Barr Soft Drinks and Funkin business units.
The company stated its performance in ‘on-the-go’ and hospitality sectors remained particularly strong and recent product launches had exceeded expectations.
It predicted revenue and pre-tax profit for the current full-year would also exceed market forecasts.
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