Last checked at 24 Oct 2023 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE 24 October 2023
A.G. BARR p.l.c.
("A.G. BARR" or "the Group")
A.G. BARR is a branded multi-beverage business with a portfolio of market-leading UK brands, including IRN-BRU, Rubicon, FUNKIN and Boost.
Acquisition of tropical drinks brand Rio further extends portfolio
A.G. BARR today announces the acquisition of the Rio soft drinks brand through the purchase of Rio Tropical Limited.
Acquired from Hall and Woodhouse Limited, the independent brewer and pub company, for a total cash consideration of £12.3m, tropical fruit brand Rio has been marketed, sold and distributed on an exclusive licence basis by A.G. BARR's recently acquired Boost Drinks division since 2021. The acquisition is entirely funded from the Group's strong net cash position.
With a brand building business model, and following the Boost acquisition, we have moved quickly to secure the long-term position of the Rio brand within our wider portfolio. While an important contributor to the previously announced ongoing margin rebuild programme, the transaction is not expected to have a material impact on the Group's profits for the current financial year ending 28 January 2024.
Roger White, CEO of AG BARR, commented: "As brand builders we are delighted to acquire the Rio brand and secure its long-term position in our wider portfolio. This allows us to realise the benefits of full brand ownership and support Rio's continued growth. This acquisition is a further positive indication of our strategic ambitions."
Next update: January 2024 Trading Update
For more information, please contact:
A.G. BARR 0330 390 3900 Instinctif Partners 020 7457 2020
Roger White, Chief Executive Justine Warren
Stuart Lorimer, Finance Director Matthew Smallwood