Top story
AG Barr has acquired the remaining minority stake in plant-based milk brand Moma Foods for £3.4m.
The Irn-Bru maker picked up a 61.8% holding in the business last December for an undisclosed sum to expand its drinks portfolio into the plant-based milk alternatives category.
At the time of the deal, Barr struck an agreement with Moma founder Tom Mercer and shareholders to give the group the option to takeover the whole business in the following three years.
Barr will now take full control of Moma, but the business will remain a standalone supported unit within the wider group.
It follows Barr’s recent acquisition of energy drink brand Boost earlier this month.
Barr CEO 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.”
Mercer established Moma in 2006 as a challenger brand in the porridge market, using high-quality jumbo oats. The company diversified into the high-growth plant-based milk sector, where it is now the UK’s third largest oat milk brand. The business also produces a range of low-sugar granola and bircher muesli branded products.
Morning update
Multi-protein supplier Hilton Food Group has formed a long-term strategic collaboration in Singapore with Country Foods.
The business is a wholly owned subsidiary of Asian catering group SATS and is one of Singapore’s largest food importers, distributors and manufacturers.
The collaboration, which begins in Q1 2023, would provide Singaporeans the opportunity to purchase “high quality, good value protein products” produced from the group’s global manufacturing sites, including seafood, slow cooked meats and Australian beef, lamb and pork products, Hilton said.
Hilton Services, a division of Hilton Food Group, will also provide proprietary technology products and support from its highly automated manufacturing and logistics practices.
This collaboration would help Country Foods increase its product traceability efforts, execute sustainable packaging solutions and improve efficiency, Hilton added.
For Hilton Foods, the partnership provides access to established channels and countries already supplied by Country Foods, expanding Hilton’s global reach to more consumers.
Hilton CEO Phillip Heffer said: “This long-term, strategic collaboration with Country Foods is another step forward in our plan to grow our global footprint and diversify our business across Asia and internationally.
“With our extensive range of red meat, seafood, sous vide, vegan and vegetarian products, we are well placed to cater for the growing demand for high quality, affordable protein products in Singapore and beyond.
“We are looking forward to providing Country Foods with the technology, service and range of quality products which Hilton Foods is known for, drawing on our scale, experience and supply chain expertise.”
The FTSE 100 is down 0.3% to 7,340.92pts first thing this morning.
Shares in Hilton Food Group are down 1.2% this morning to 515p on news of its deal in Singapore.
Early risers include McBride, up 2.9% to 21.4p, PayPoint, up 2.5% to 500, Finsbury Food Group, up 2.2% to 92p, and Sainsbury’s, up 0.3% to 220.8p.
Deliveroo is down 4% to 76.8p in the early going, while Ocado is down 3.5% to 611.6p and Just Eat Takeaway is down 2.9% to 1,734.6p.
Yesterday in the City
The FTSE 100 had a steady day as the City winds down for Christmas, rising 0.4% to 7,361.31pts.
There was no news to speak of in fmcg to influence stock values but risers for the day included Delivery Hero, up 5.6% to €42.65, Naked Wines, up 5.2% to 114.4p, McBride, up 4.4% to 20.9p, and Just Eat Takeaway, up 3.8% to 1,787.7p.
Parsley Box and AG Barr were among the day’s fallers, down 3.2% to 1.5p and 4.4% to 517p respectively.
No comments yet