20th Dec 2022 11:49
(Alliance News) - AG Barr PLC on Tuesday said it acquired a further 38.2% stake in Moma Foods Ltd for a total cash consideration of GBP3.4 million.
The Cumbernauld, Scotland-based drinks maker now has full ownership of the oat milk brand, after acquiring a 61.8% stake from Moma Foods Founder Tom Mercer and the remaining shareholders in December 2021.
AG Barr entered into an option deed with Mercer and the shareholders to take full ownership in the following three years. An agreement was made to bring forward the acquisition of the remaining 38.2% equity stake.
AG Barr said Moma Foods will remain as a standalone, supported business unit within the group.
"We are delighted to bring forward the planned full ownership of the Moma business. This allows us to fully support the Moma business and brand, such that we can leverage the increased growth potential sooner than allowed for under the original acquisition structure," AG Barr Chief Executive Roger White said.
"The completion of the acquisition is a further positive indication of AG Barr's growth ambitions."
Shares in AG Barr were down 0.2% to 516.00 pence on Tuesday morning in London.
By Jaskeet Briah, Alliance News reporter
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