AG Barr takes full ownership of Moma Foods

20th Dec 2022 07:52

(Sharecast News) - Irn Bru maker AG Barr said on Tuesday that it has taken full ownership of Moma Foods, after buying the remaining 38.2% stake in the business from founder Tom Mercer and the other minority shareholders for £3.4m.

The company already owned a 61.8% stake in the plant-based milk business, which it bought in December 2021. At the time, Barr entered into an option deed with Mercer and the other shareholders which gave it an agreed path to full ownership in the following three years.

Moma will remain a standalone, supported business unit within the group, Barr said.

Chief executive officer Roger White said: "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.

"The completion of the acquisition is a further positive indication of AG Barr's growth ambitions."