The drinks manufacturer has acquired 100% of Boost’s issued share capital for an initial consideration of £20m from founder Simon Gray and his wife Alison.
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
Roger White, chief executive Officer of AG Barr, said: “Boost is one of the UK’s most recognisable functional drinks brands, and we are delighted to welcome the team into the AG Barr Group.
‘Proven track record’
“The Boost portfolio offers premium taste and performance at a competitive price, with a strong market position in the UK independent retail channel. With AG Barr’s proven track record of acquiring and developing attractive brands such as Rubicon and Funkin, I look forward to working with Simon and the team to ensure Boost continues to grow and develop under our ownership.”
Boost’s management team will continue to lead the operation as a standalone business, spearheaded by Simon Gray.
Simon Gray, Boost Drinks founder and chief executive officer, added: “I'm hugely excited to embark on the next phase of Boost’s growth with AG Barr.
‘Strong growth trajectory’
“Over the past 20 years Boost has proven its popularity with consumers who want great tasting, high performing functional drinks that offer great value for money and I am sure that as part of the AG Barr Group we will maintain our strong growth trajectory.”
Earlier this year, AG Barr reported it had bounced back from the disruption caused by the COVID 19 pandemic, thanks to a strong performance by its core brands.
In addition, through cost control and price adjustments inflationary pressures – particularly from packaging and energy costs – had been effectively managed, the company said.
Meanwhile, in other acquisition news, Troy Foods has been acquired by potato growing and processing business Fylde, Fresh & Fabulous Group for an undisclosed sum.
