Boost Drinks Holdings, a £40m-turnover, Leeds-based drinks business, has been acquired by the company behind the Irn-Bru, Rubicon and Tizer brands in a deal worth up to £32m.
AG Barr has acquired Boost from founder Simon Gray and his wife Alison, who founded the company in 2001. Boost has an exclusive sales and distribution partnership with the fruit drinks brand Rio, and also specilises in energy, sport and protein drinks with a strong position in the UK independent retail market.
Boost’s unaudited revenue afor the year to December 31, 2021, of which £1.9m was profit.
AG Barr has acquired 100 per cent of Boost’s issued share capital for an initial consideration of £20m, funded from its cash reserves. The total sale price could grow to as much as £32m dependent on future performance.
Roger White, chief executive at AG Barr, said: “Today’s announcement is further evidence of our strategy to continue to grow the business through targeted acquisitions, with a particular focus on developing within high growth and functional categories. 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.”
Boost’s existing management team, led by founder Simon Gray, will continue to lead the business, operating within the AG Barr Group as a standalone business unit.
Simon Gray, founder and chief executive of Boost Drinks, added: “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.”
