Company Announcements

IMMEDIATE RELEASE                                                                                      6 December 2021

A.G. BARR p.l.c.

("A.G. BARR" or "the Group")

Investment in MOMA Foods Limited, independent branded porridge and plant-based milk business

A.G. BARR produces and markets some of the UK's leading drinks brands, including IRN-BRU, Rubicon and Funkin.

We are delighted to announce that the Group has taken an initial c.60% equity stake in MOMA Foods Limited ("MOMA") with an agreed path to full ownership over the next 3 years.

MOMA was founded by Tom Mercer in 2006 and quickly established itself as a modern, challenger brand in the porridge market, using the finest quality, British jumbo oats.  Most recently MOMA has diversified into the high growth plant-based milk sector, and is now the UK's 3rd largest oat milk brand.  MOMA also produces a range of low sugar granola and bircher muesli branded products.

Tom Mercer, founder and CEO of MOMA Foods Limited, commented: "I'm hugely excited to embark on the next phase of MOMA's growth with AG Barr.  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."

Roger White, CEO of AG Barr, commented: "I'm delighted that AG Barr is venturing into healthy oat-based products with such a great brand and an experienced team, led by Tom.  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."

The transaction is not expected to have a material impact on the Group's profits for the current financial year ending 30 January 2022.

Next update : February 2022 Trading Update

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