Ag Barrs takes full control of Moma Foods in £3.5m deal
Ag Barr acquired its 61.8% stake in Moma in December 2021, with the option to purchase the remaining shares in the following three years.
The drinks firm will now have full control of the Moma business, which will remain as a standalone, supported business within the group.
Commenting on the acquisition, chief executive Roger White said: “We are delighted to bring forward the planned full ownership of the Moma business.
Growth ambition
“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. The completion of the acquisition is a further positive indication of AG Barr’s growth ambitions.”
Moma Foods was launched from a breakfast stall at Waterloo East station by founder Tom Mercer in 2006, offering a range of oat-based porridges and drinks.
The brand has since grown and is now available in supermarkets stores across the country. In 2022, Moma’s Whole Oat Drink bagged The Grocer New Product Award for the dairy-free category.
Speaking at the time of AG Barr’s original majority share purchase, Mercer said: “I’m hugely excited to embark on the next phase of Moma’s growth with AG Barr.
Next leg of the journey
“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.”
AG Barr’s acquisition of Moma’s remaining shares followed the announcement earlier this month that it had purchased Boost Drinks Holdings in a deal worth £20m. An additional consideration of up to £12m – dependent on future revenue and profitability performance of the business over a two-year period from completion – will be payable in cash at the end of that period.
Meanwhile, HSH Cold Stores has acquired food temperature-controlled storage and logistics expert Associated Cold Stores & Transport from agriculture group Camellia in a deal worth £16.5m.
