British soft drinks giant A.G. Barr has announced the acquisition of a 60% stake in oat specialist MOMA Foods. The move marks the first foray into the rapidly-growing plant-based milk sector.
Famous for its soft drink products such as Irn-Bru and Rubicon, A.G. Barr has declared that it will assume full ownership of MOMA Foods over the next three years, as reports show one in three Brits are now drinking plant-based milk. Oat milk is the most popular option amongst consumers and further growth is expected.
MOMA Foods, founded by Tom Mercer in 2006 in a railway arch in London, produces an oat milk range as well as low-sugar granola and muesli branded products. The oat milk recently won the Best Vegan Milk category in this year’s PETA UK Vegan Food Awards.
The amount paid by A.G. Barr for the initial 60% equity stake has not been disclosed. AG Barr share prices responded positively to the news, opening 1.5% higher this morning.
“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,” stated A.G. Barr CEO Roger White.
Founder and CEO of MOMA Foods Limited, Tom Mercer, added: “I’m hugely excited to embark on the next phase of MOMA’s growth with A.G. Barr. I believe that together we can harness the passion that is integral to MOMA and grow into a significantly bigger brand.”